The NIFTY opened the session on a positive note and registered an intraday high of 5655.40 levels. The NIFTY witnessed selling pressure from the higher level which led it to decline to an intraday low of 5610.75 levels. The Nifty eventually closed at 5625.45 levels with a marginal loss of 6 points.
The index is consolidating in a narrow range of 5600-5700 levels for the last few trading session. With today’s movement the index has closed near to its immediate support level of 5600. Going forward if the index closes below this level, expect a bit more of corrective decline to levels of 5560 /5515 level. On the upside the index is likely to face resistance at the 5560 levels followed by the 5700-5710 level (declining trendline resistance).
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