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.

Bank Nifty - Make or Break point

Bank Nifty has broken the SAR at 10d EMA yesterday. It may cross the trendlines on either side in the coming days. Whereas Nifty has not broken the SAR or trendline yet.

Nifty retracing

Nifty after mildly crossing the 5348 levels has retraced and hovering at 5310 levels. Bank nifty has broken the SAR on the back of SBI's expected results .