The NIFTY opened on a tentative note and traded in a narrow range throughout the day.The index witnessed a lackluster session with low volume participation. The nifty registered a low of 5550.95 and finally closed at 5567, with a loss of 14 points.
The Nifty is trading in a narrow range of 5540 on the downside and 5650 on the upside for the last few trading session. The immediate support to watch for the index are 5540 /5495-5480 levels.In case the nifty closes below 5480 level; it is likely to continue its downward movement and could test the levels of 5430-5415 / 5380.
On the upside the index needs to sustain above the 5600, which would give some strength and a possible re test of levels of 5660 or even 5700 /5740.
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