After testing the low of 5158, Nifty pulled back in the green as positive cues from European peers boosted sentiments and closed above the psychological level of 5100 suggesting that momentum. If NIFTY trades above 5260 and then 5280 is possible. On the downside, the support would be at 5150/5120 levels. Short term traders are advised to avoid fresh long positions at this point of time as the ceiling of the downward price channel formed on weekly chart at 5280 will act as a strong short term hurdle and move above this level is needed before traders can initiate fresh long positions. If NIFTY breaks above 5280 on weekly closing basis, and then we could see 5390/5410 levels. Failure to move above 5280 levels will keep the index moving in the band between 4910 and 5,300.

Technically Nifty is also looking weak for coming days. The next major Strong Resistance in the nifty is above 5478 mark. Live Technical Nifty future Targets and Stop loss for clients only.

Technically sensex looking weak for coming days. The next major Resistance level of sensex is 17820. Live Technical Targets and Stop loss for clients only.