Nifty ended the week slightly above the rising trend channel. If we see another weekly close above the channel - the break to the upside will be confirmed - till then we have to keep the possibility of a false break higher in mind.
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| Nifty - Weekly Trend Channel |
On the daily charts - the next big resistance should come in around 5720-5725 - there are good near term supports at 5600 and 5525.
The way Nifty has traded so far this month - I think a quick test of the next resistance is possible followed by sideways/consolidation for some time. Amongst international indices - I feel that S&P 500 is likely to run in rough weather around present levels - which makes it quite interesting to watch the actions of Nifty as it is hovering on confirming a bullish break.
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| Nifty EOD Chart Levels |
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