Today was a breakout day above the 2d high & 20dema to target near 5560 level.
1. FII were notional buyers of apprx. 30 cr.
2. Hourly chart remains oversold with negative diversion. Also Intraday chart ended with negative diversion in indicators.
3. Initial Support will come at break out level of 5510-20 range (20dema,VWAP - 5517NF,5wema- 5520).Trading below which, the support will come in the range of 5470-90 (5dema- 5467,5dhema- 5489 & pivot S1- 5490 and 2d high volume zone -5480).
4. Trading above today's high and 5560 level (Feb monthly high)can target the next Fibo level of 5620 ,which is apprx. 200dma level too.
Tomorrow is the last trading day of a big positive week since last Friday's low of 5177 and we are trading near highs of the 5400-5600 range ,it will be prudent to book profits on longs as the positional players will do tmrw. Creation of new Longs should be avoided at this level .