Nifty witness the range bound movement today & closed the first session of the week with modest losses on profit booking. The market might have reacted to the slower growth in the iip data. The vital thing is that it was getting the good buying support on lows which mean that this uptrend could continue in nifty future for a while. In the upside nifty future may hit the higher levels of 5400 to 5405 in near term. We recommend that traders could initiate new longs in nifty future above 5400 for the target of 5450 & 5500. That trader who already has long in nifty future may hold this with the stop loss of 5290. Closing below 5290 may slip the nifty future till the lower levels of 5245 to 5250 in near term.
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