As mentioned yesterday, Nifty has achieved the targets of bullish "Inverted Head & Shoulder" pattern having resistance at 5400-5405 & target of 5475-5510. Now by default Nifty has given bullish breakout from another pattern i.e.  

"Declining Channel" pattern having resistance at 5450 & target of 5575-5600 with strong resistance around 5525. 2 consecutive close above 5525 will also change the short term downtrend which is in force since 13th May 2011 unless and otherwise failure to close above 5525 may resume its downward journey towards 5000 which may be achieved sooner or later.  

Nifty opened on a bullish note with a positive gap of nearly 25 points on positive cues from global markets in addition to the bullish breakout which Nifty had given from a "Declining Channel" pattern last Friday. As expected Nifty trading faced resistance at 5510-5525 & took corrective decline of 50 points to touch an intra day low of 5458 before closing at 5473 about 3 points below the previous close.

As far as bar reversal in Daily charts are concerned, stocks like Satyam Computer, GAIL, Hind Unilever, Can bank, Sabero Organics, Union Bank, Sun TV, Bombay Dyeing, Essar Shipping have given "Upward Bar Reversal" while Nifty, M&M, Wipro, Reliance Ind., Hindalco, OMGC, BHEL, REL Infra, REL INfra, BPCL, Sterlite Ind. etc. have given "Downward Bar Reversal".

Stocks like Consolidated Const. Com., Gabrial (I), Sabero Organics, Aftek, ICSA (I), Patni Computer, Balaji Tele., National Aluminium, Koltel Patil, Stride Acrolab have shown  spurt during the day with unusually high volumes.

Sector wise, most of the stocks like ARSS America, Patni Computer, Balaji Tele, Subex Systems, Stride Acrolab, Prakash Steel, Kolte Patil, Godrej Consumer, JK Paper etc.

were among the top gainers of the day,  to close in positive territory whereas stocks like Sanghvi Forging, M&M, Texmopipes, MIC Electronics, Geodesic, Nagarjuna Const., GSS America, Zicom, Gokul, Amararaja etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bulls in the ratio of 9:5 with 890 advances & 541 declines during the day.
In nutshell, Nifty Stock faced resistance at 5510 on expected lines after it had given multiple bullish breakout from 2 different patterns i.e. "Inverted Head & Shoulder" pattern (target was 5480 which is already achieved) & "Declining Channel" pattern having target of 5575 but strong hurdle at 5510-5525. 

Now after achieving the first target Nifty failed to cross the resistance & there are chances that it may take corrective decline to 5420-5400 & make another attempt to break above 5525. On bearish side, failure to cross 5525 can resume downward journey towards 5000 in near future.
The best strategy is to be stock & sector specific as the Q1 results are influencing the market movement of individual stocks.
Intraday Nifty Future Closing : 5466
Watch carefully today's nifty magical figure... 5470
Buy Intraday Nifty Future above magical figure for upside
First target...   5497 and above it
Second target...    5520
and crosses over both it will come...    5548
Sell Intraday Nifty Future, if Nifty is running below magical figure then your downside
First target...    5440
Second target... 5418
Third target... 5397

(Closing -18232)
Today's Sensex magical figure... 18244
Above magical figure upside targets ,
First target ... 18327
Second target...18393
Third target ... 18466
Sensex Running Below Magical Figure,
First target ....   18155
Second Target ... 18092
Third target ...18025

(Closing - 10700)
Today's magical figure...10721

Buy it above magical figure upside
First target ... 10808
Second target ... 10875
Third target...    10938
Sell it if running below Magical figure for downside:
First target ...10622
Second target...10575
Third target ... 10515

(Closing - 503)
Today's magical figure... 504
Buy it above magical figure upside targets
First target ... 512
Second target ... 525
Third target ... 535
Sell it running below Magical figure for downside:
First arget ... 494
Second target ...485
Third target ... 475

(Closing - 558)
Today's magical figure... 560
Buy it above magical figure upside targets
First target ... 573
Second target ... 583

Third target ... 592
Sell it running below Magical figure for downside:
First arget ... 547
Second target ...537
Third target ... 528

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