The nifty opened on a positive note and maintained its strength throughout the day.
The nifty registered a high of 5642.20 and closed very near to that level at 5633.95, a total
gain of 92 (1.67 %) points.
With today’s movement the index has registered a strong rebound from its support level of 5640 level.The index is now trading near to its resistance placed at 5650.
Once the index manages to close above this level, we expect the nifty to head towards 5700 and
further test it recent swing high levels of 5740.
In case the nifty fails to get past the resistance of 5650, it could be confined in the range of 5650 on the upside and 5540 on the on the down side.
The immediate support for the index is placed at 5610 followed by the 5570 /5540 levels.
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