Mid day market update

Nifty hourly chart

In hourly chart Nifty has formed a channel. It might test the lower part of the channel which is around 5300. Long positions can be considered around this level.

Today is the last trading session of this week. If Nifty closes above 5300 then it will confirm the breakout in weekly chart of Nifty. If it happens then Nifty can test 5350-5400.