What will be next destination for nifty?

Nifty is trading in a range between 5480-5600 with positive bios, and it has a immediate resistance around 5600-5610 area, and making inverse head and shoulder type formation on daily chart and 5610 zone is neck line resistance as per this formation and 5565 is it's 50 DMA that is itself a resistance and nifty is struggling to hold this level from last 2 trading days a closing above 5565-70 will be another confirmation for a breakout above 5610, and once if nifty manage to hold above 5610 zones then it will fly for 5880-5900 in near term. For this view trader can use 5450 as a potential support on daily closing basis and that can act as good stop loss for bulls. All in all technically nifty is looking good to buy at these levels for targeting around 5700- 5900 in near term.

Note: this analysis report is based on spot nifty daily chart.

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