The Nifty traded in a narrow 25 point band; it just about held on to the 5,680 level I had recommended placing a stop loss on for newly initiated long trades on the Nifty. I am still holding on to my Bank Nifty longs expecting an upward breakout in the days to come. We could see levels of 5,800 if 5,730 is taken out with force.
Nifty Future remained within a narrow trading band of 5,700-5,760 and ended at 5,739.55 with a hanging man candle. It again rebounded from day low of 5,710 level, which means buyers have faith in on-going market trend. However, traders are advised to take cautious stance as it is at intermediate resistance near 5,750.
The Sensex has supports at 18,680 and 18,590 and resistances at 18,820 and 18,890. The Nifty spot has supports at 5,675 and 5,650 and resistances at 5,730 and 5,750.
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