>HIGH NOON (SHAREKHAN)

SUPPORT @ 5050

The Nifty opened in green with positive global cues but has given up all its gains. It is finding resistance at 5150; however, it has got good support at 5050 level. The Nifty has given a breakout from a triangular pattern, so the upper end of the triangle also remains a crucial support in the short run. The momentum has started to reverse on the upside which will also support the Nifty to move higher.

On the hourly charts, the KST momentum indicator has a given a positive crossover and is trading above the zero line. The Nifty is trading above the 20-HMA and 40-HMA, ie 5039 and 5022 respectively, which are supports in the short run. The market breadth is positive with 764
advances and 456 declines.

Of the 30 stocks of the Sensex ITC (down 3.11%) and HUL (down 2.30 %) are the top losers while NTPC (up 2.50%) and BHEL (up 1.43%) are the top gainers.

To see full report: HIGH NOON