Weekly close above 5139 will keep Nifty Positive
After opening negative at 5097, Nifty managed to arrest the fall near 5090 and exhibited 77 points rise to form intraday high at 5170. Nifty breached the crucial resistance of 5150 on closing basis making a way ahead for expected uptrend above 5200. Now the immediate target for Nifty is placed at the level of 5235. The stop loss for trading long positions is revised to 5050 as double bottom structure is seen on daily closing chart. Previous weekly close of Nifty Futures was seen at 5139 and current weekly close above this level will suggest continuation of the current uptrend.
Banking, realty and capital goods stocks led the rally. Bank shares rose after Financial Services Secretary D.K. Mittal said India is very well poised to tackle a global economic crisis and played down concerns over the health of state-run banks