The nifty opened on a negative note and remained under pressure throughout the day trade. The nifty registered a low of 5532 and closed very near to that level at 5541, a loss of 25 points.
The Index has given a close at its immediate support level of 5540 levels. Sustenance below this level could see the index decline to its crucial important support level of 5495-5480. In the past, the index has given strong reversal from the 5495 levels, so we believe that the chance of nifty holding out around these support levels are by far the best. But, a break below 5480 would be negative and trigger further declines to the level of 5430 / 5380 levels.
On the upside the index has multiple resistances at the levels of 5580 / 5605 / 5650.
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