The nifty opened on a positive note and maintained its strength throughout the day. The nifty registered a high of 5596.15 and closed very near to that level at 5585.45, a total gain of 59 points.
With today’s movement the index has registered a strong rebound from its support level of 5495 levels and in the process has filled up its negative gap placed at 5580-5600 levels. The nifty now needs to sustain above 5600, which would give some strength and a possible test of levels of 5660 or even 5700 /5740. In case the nifty fails to get past 5600, it would keep facing supply pressure and could re test the immediate support of 5540 /5495-5480 levels.
A break below 5480 would be negative and trigger further declines to the level of 5430 / 5380 levels.
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