NIFTY OUTLOOK

Nifty opened at 5466 with a gain of 17 points, declined steadily to 5409 and closed at 5419 with a loss of 30 points. Nifty futures range was 5417 - 5464. Today's Nifty close is below the DAILY EMA level (5441). Tomorrow's level is at 5459 and volatility due to RBI credit policy expected.

the day's trade on a negative note on sustained selling pressures across the sectoral indices. The investors turned a bit calculative ahead of the RBI'S monetary policy review scheduled tomorrow.

Nifty today opened firm but profit booking at higher levels brought the index down and it ultimately managed to close just above 5DEMA. Nifty closed below Day High EMA which is a bit bearish in nature, any close below 5DEMA and Day DEMA will reverse the trend.

RSI is in down trend from overbought level,

Stochastic is positive but over 80 level,

the volume seems to be good today.

Nifty today got resisted at the Box Range (5453-5478) at opening and closed inside the range at 5419; break of this range will decide the future course of Nifty. The trend line resistance is at 5495, breakout will take Nifty to its next trend line resistance at 5515 and above, the support trend line comes at 5405, and break of this will be bearish and take nifty to the next Box support at 5353.Trade light at higher levels and wait for any breakdown or breakup confirmation to take new position.

RANGE FOR TUESDAY SEEMS TO BE IN 5444-5386-5444

Target Nifty

Buy Nifty above 5448 - 5478 - 5496 SL - 5432

Sell Nifty below 5414 - 5406 - 5390 - 5361 SL - 5437