NIFTY Mar 06 Intraday Levels

• Yesterday, Nifty achieved intraday target of 5790 after both Nifty and BankNifty broke out of the downtrending channel at 5750 and 11650 respectively.
• Hour and Day T/F closed positive and Nifty looked setup for a reversal pattern with a positive divergence on RSI.
• BankNifty looks set to test the  neckline of the broken H&S pattern.
• Nifty looks set to test the previous supports at 5820-5840.
• Let's see how the numbers are stacked up against Nifty

5826 is the 5 Week EMA.
5834 is the 38.2% of the move from 6112 to 5664.
5846 is the 20 Week SMA.

Intraday Resistances 5810/5834. Sell zone: 5820-5834. SL 5838. Breakout above 5838, which means a good chance of 90-100 point intraday move. But, beware of the 20 day and 100 day SMAs at 5857and 5844 respectively.
Intraday Support 5750/5740. Buyzone: 5740 +/-10. SL 5730.