The Nifty opened the session on a bearish note on the back of negative cues from its global peers.The index spent the entire session trading in the negative territory and the selling pressure increased as the session progressed. The index registered an intraday low of 5601.70 levels and finally closed the session at the 5616.10 levels with a loss of 44 points.
The nifty did witness supply today; however it has also managed to hold the support level of 5600.In case the nifty closes below 5600, expect a bit more of corrective decline to levels of 5560 /5515 levels.Declines if any to these levels should be used to initiate long positions and traders should keep a positive bias as long as the nifty remains above 5500 levels on a daily closing basis.
Sustenance above the 5600 levels could see the index retesting the levels of 5700 /5740(200DMA).
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