The Nifty opened the session on a bearish note on the back of negative cues from its global peers.
The index spent the entire session trading in the negative territory and the selling pressure increased as the session progressed.
The index registered an intraday low of 5521.50 levels and finally closed the session at the 5546.80 levels with a loss of 28 points.
With today’s movement the index has closed just below its rising trendline support placed at the
5550 levels.
Sustenance below the 5550 level could see the index testing its important support level of 5495-5480 levels.
In case the nifty closes below these levels, expect downward movement to gain momentum and index could decline to 5430 / 5380 levels.
On the upside if the nifty manages to hold on to support levels of 5550 or 5500 expect a rebound
to levels of 5600 /5650-5680 over the next few days.
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