Nifty towards @ 5800 levels …

Yesterday, Nifty opened firm and thereafter accelerated towards 5800 odd levels. Nifty made the high of 5788 and managed to close well above 5750 marks. Nifty has accelerated 400 points in a span of six trading sessions from 5400 to 5780 levels and is almost approaching towards the initial expected target of 5820 levels. Some profit-taking and consolidation cannot be ignored in next few sessions before Index resume its fresh up move thus trailing the stops for long holding positions will be advisable. Technically we continue to believe that Nifty has given a break-out of the “Symmetrical Triangular” pattern and thus should head towards fresh highs targeting initially 5820 followed by 6020 levels in the mid-term in best case scenario. The supports for the Index can be expected at around 5550 & 5350 levels Positionally. The levels to watch for the Index in the current week will be 5796 & 5912 levels on the higher end while 5460 & 5240 levels on the lower end. In intraday trade Nifty future will find support at 5701/5652 levels whereas its resistance will be at around 5794/5838.