Trade long as long as 5540 holds, says Prakash Gaba

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Technical Analyst, Prakash Gaba:

We said 'technically, the trend is still intact up though the upside technical target is achieved and the next logical technical target on the upside is 5481-5646. Technically the crucial support to watch would be 5322 and a close below 5322 could trigger selling pressure. From a trading point of view I would trade long as long as 5322 holds'

The market unfolded as expected and climbed closer to our target and closed in the green for the week.

Technically the trend is still intact up. Technically our target of 5646 stays. We are now into a truncated week and just 3 days into F&O expiry. The bar generated for the day is an indecisive bar which basically means that the up move could stall here and the crucial level to watch would be a close below 5540.

From a trading point of view I would trade long as long as 5540 holds.