Nifty facing resistance

Nifty is facing resistance at 5400 (Oct'11 high & sloping trendline from Oct'10). It is still above SAR, whereas BankNifty went below its SAR on friday and gave a close below it.

Hurdles ahead

Nifty is attempting next hurdle at 5400.

Nifty advances

Yesterday, Nifty gave the much awaited breakout and closed above the 5350-5360 range at 5380. Uptrend is intact till nifty maintains above the trendline. 

Immediate resistance will be Oct'11 high of 5400. This target looks easily achieved on the back of lower than expected inflation data which gives rise to rate cut speculations.

Nifty near 5348 again

Yesterday Nifty closed near 5348 again. Bank nifty closed just below its SAR (10419). Bank nifty has not broken the trendline till now. Banknifty is trying to go above SAR. If nifty maintains above 5350-5360 for 2-3 hours, it will be a breakout on upper side.
Global cues negative. Nifty SAR for today at 5289.