The NIFTY opened the session on negative note and registered an intraday low of 5453 levels. However the buying returned at lower levels thus propelling the NIFTY past the 5500 mark.
But, the NIFTY witnessed selling pressure at the higher levels and eventually closed at 5482 levels with a nominal loss of 5 points.
Despite the volatility witnessed today the index has closed within its support range of 5495-5480 levels.
This is a very critical level (as it comes out as a support zone on multiple factors) and we believe that the chances of nifty holding out here are by far the best.
Sustenance below the 5480 level could see the index declining towards the level of 5435 /5380 in the near term.
The immediate upside seems to be limited to the levels of 5420 – 5545 levels, but a close above that might inject some optimist and a bounce to levels of 5600.
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