The NIFTY opened the session with a positive gap and registered an intraday high of 5551 levels. The index witnessed a sideways movement in the intraday session after a strong opening. The index eventually closed the day at 5516 levels with a gain of 34 points.
With today’s movement the index has registered a strong rebound from its support level of 5480 level. The nifty now needs to sustain above 5550, which would give some strength and a possible test of levels of 5600 -5630. In case the nifty fails to get past 5550, it would keep facing supply pressure and could re test the immediate support of 5480.
Sustenance below the 5480 would be negative for the NIFTY and this could trigger further declines to the level of 5435 /5380 in the near term.
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