hathwars

Today (22-7-10)Nifty opened at 5381 with a loss of 18 points, moved in the range 5372 - 5401 up to 14.00, surged there after to 5447 (+ 48 points) and closed at 5442 with a gain of 43 points. Nifty futures range was 5375 - 5459, a difference of 84 points.
Thus, today Nifty broke the pause and moved upward. As today's PE Ratio is at 22.75 there is little scope for movement above 5500

NIFTY UPPER END MAY BE 5498 LOWER END MAY BE 5404

Current Spot: 5441.95
Pivot: 5420
3DEMA: 5415
7DEMA: 5393
20DEMA: 5338
50DEMA: 5262
RSI (7 days): 71.97
Parabolic SAR: 5321
Supports: 5394 - 5345
Resistance: 5469 - 5495

Nifty today opened weak but closed firm above all Technical Averages confirms bullishness. RSI is in uptrend but in overbought level, Stochastic has also given a positive crossover and trending upwards, and the volume seems to be good today.
Nifty today bounced off the trend line support at 5372, to close firm. Break of this trend line support at 5385 will take Nifty to 5350 and below, the resistance comes at next trend line at 5485, close above will add to the momentum to take nifty higher to 5500 and above.

Target Nifty
Buy Nifty above 5458 - 5481 - 5510 - 5565 SL - 5427
Sell Nifty below 5421 - 5402 - 5348 - 5318 SL - 5432

INDIA VIX Currently heading towards all time low.. Trading below 20%..As per VIX rule risky buy at higher level..Any time correction due in next week..