28th December: Trend Deciding Levels for S&P CNX Nifty: 5840 & 5940

• Nifty closed at 5870 which is 36 points higher than its previous close of 5906.
• Nifty was not able to cross 5940 levels and reacted downwards from the day’s high of 5930 on November series expiry day.
• The intermediate high is placed at 5940 and closing above this level may push Nifty towards 6000 mark.
• At the same time, the bottom of 5840 is a crucial support and breakdown of this level is like to push Nifty towards 5790 – 5780 mark.
• Considering the above levels, 5940 and 5840 are likely to remain crucial levels for trend direction.
• The important timing cycle day is placed on 4^th or 7^th January for reversal or continuation of ongoing uptrend.
• As long as Nifty trades above 5600, the current intermediate trend is positive.
• The intraday resistance levels for Nifty are placed at 5940 & 5970 whereas the intraday support levels are placed at 5840 & 5810 respectively.