The NIFTY opened the session with a positive bias and registered an intraday high of 5702.25
levels.
The NIFTY witnessed profit booking from the higher level which led it to decline to an intraday low of 5560.15 levels.The Nifty eventually closed at 5574.85 levels with a loss of 105.45 points.
The Index has witnessed a strong selling pressure across all sectors from levels close to important resistance of 5680-5700 and in the end the index registered a close below the important psychological level of 5600.
The index can find support between the 5550--5525 levels. In case the selling continues, the nifty could head to support levels of 5500 – 5440, belowwhich the selling pressure could accentuate to levels of 5347-5336 (NIFTY Gap support area).
In case the nifty manages to hold on to support levels of 5550 or 5500 expect a rebound to levels
of 5630 – 5680 over the next few days.
A close below the 5500 levels would see the index gaining momentum on the downside and could
test the levels of 5440 /5380.
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