Resisted exactly at 5420 shown on daily charts.Even though the Nifty has broken out of the flag formation it is better to wait for more confirmation as the gap made on open was filled and the entire day saw selling.Support taken at 38.2% level of rise from 5171 to 5420 high hit today, shown in red on half hourly charts.
A buy on dips strategy is to be followed with trailing stops as per risk profile.
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