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MOMENTUM CONTINUES

Nifty punches  a 100 points rally on the cards which  has taken nifty to 5200 mark.The broader market stood positive following strong positive global cues with 987 advances to 509 declines.With the rally the hourly momentum has changed positive.Going forward tomorrow nifty is likely to face to supply at 5230,if nifty successfully  sustains above this level then nifty can  head towards 5300.At this level nifty may face a stronger resistance causing it to reverse,since this level is witnessing the resistance of downtrend-line.
                                                                                            The fall from 5345 has retraced from around 50% level negating complete takeover by the bears.Violation of  the downtrend line may lead nifty to 5400.
Tomorrow markets are awaiting for big domestic as well as global event ,so we need to be cautious tomorrow.RBI will be declaring rate cut policy tomorrow,so markets are expected to trade choppy.

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