If you look at previous range then it was 5200 and 5400, on breaking above 5400 our immediate upside target will be 5600 level. Long positions were added on breaking and successfully closing above 5400 resistance. We were optimistic this time as momentum continued and increased liquidity is returning into equity markets, moreover technical traders are also bullish as nifty future has managed to close above 5400 for first time since August 2011. Stop loss for this trade will be 5350, traders may also buy nifty 5500 call option as breakout is going to be strong one; there is chance to double money in few trading sessions.
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