NSE INDEX 5486.15
As expected and mentioned that we could witness selling / profit booking at higher levels (above 5500) the same have been patterned on charts; index has a strong resistance of 5520 & 5550. Until Index does not get closed above these levels strategy to trade would be sell at everyrise with a strict stoploss of 5550 as per closing basis.
Intraday trading Levels Buy Above: 5496 Resistance 5514 | 5528 | 5550 Sell Below: 5476 Support 5460 | 5444 | 5418          
 
BANK NIFTY CMP 10980.60
On charts Index has two strong resistance 11042 & 11126 – this index is also suggesting the same as off Nifty. Until Bank Nifty does not close above 11126 fresh / aggressive buying would not be expected. Traders strategy still remains the same sell at everyrise with a strict stoploss of 11125 as per closing basis.
Intraday trading Levels Buy Above: 10997 Resistance 11024 | 11051 | 11000 Sell Below: 10964 Support 10937 | 10910 | 10867               

(Ravi Nathani is a Mumbai based technical analyst )