Nifty after testing the level of 2951 has been moving upside and has tested the high of 6343 which was near to the all time high of the market. after testing the level of 6343 it has move downside with the lower top and lower bottom formation which has also formed Bullish Pennant. Recently it has tested the lower falling trend line at 4975 which was just below 5000 psychological level, closing was above 5000 there after. IF the lower falling trend line is holding on closing basis then its expected to move in wave E which will move to test the higher falling trend line. It may test the resistance level of 5500 - 5550 area where some resistance can be faced.
Crossover of the resistance level will confirm the breakout. In immediate term i am looking Nifty to test 5550 level from current level of 5060, where the support of 4950 is advise on lower side.
Comment : Buying Nifty @ 5060 with target of 5200 - 5380 - 5550 where the stop of 4950 advise on closing basis.
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