The NIFTY opened on a positive note and registered an intraday high of 5434 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 5323. The NIFTY finally closed at 5331 with a loss of 73 points.
Index did witness some kind of bounce during the initial session, but failed to trade above its immediate resistance level of 5435.
The index continued its downward movement once it traded below the 5380 levels and has now closed at its important support range of 5340-5330. Sustenance below the 5330 level could see the index declining towards the level of 5270-5250 /5200 in the near term.
The immediate upside seems to be limited to the levels of 5380 /5435 levels, but a close above the 5435 levels might inject some optimism and a one could witness a bounce to levels of 5480 - 5500.
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