Strong signs from European and U.S. markets guide Nifty to touch its trading upper band around 5170.Amid the global economic doubt all the markets had dived. Because of small recovery in U.S. unemployment claim data and European debit crises, markets had rallied. Asian markets are following the Wall Street’s gain and trading higher. Singapore Nifty also trading higher on 5160, which is a strong resistance zone for Nifty. Technically Nifty has negative divergence in momentum indicators and a strong support at 5100 level for today. Nifty option data shows a range of 5100 to 5200 may be for two to three days. Closing above 5200 with high volume brake-out, Nifty may add more 100 points and it may taste 5300 level. Avoid trading in Nifty on these levels. Take position only in selected stocks.
