NIFTY SHOW

The nifty closed in green with 90 points on its board.As said yesterday if the nifty is able to cross the 20 and 40 DMA successively then market shall be headed upward.Today nifty has crossed the 20 and 40 DMA on daily charts successively paving the way further for the bulls.Today it has closed just below 5373 which is 23.6% retracement levels of the previous bull move.If all goes well overnight and the global cues too being supportive tomorrow nifty is expected to witness a gap up opening.
                                                                                     After reverting from the previous highs of 5360 ,nifty has been trading in a falling channel pattern.Hence nifty is expected to face resistance at the upper band of the channel.If it successfully violates the upper band then a breakout will be seen resulting which nifty again reaching 5360 seems possible.The oscillator stochastics has also given positive crossover on daily charts adding more fuel to the bulls.
                                            In  coming days  if perhaps nifty is not able to break the channel ,then nifty will trade in  consolidated manner subject to the DMA levels remain intact.Today the overall breadth remain positive with 1018 advances and 445 declines.If nifty continues this  upward movement then immediate would be 5450 levels.Traders are suggested to take long position on dips for the target of 5450