Nifty opened on a firm note at 5740 ,but couldn’t sustained that level for a long .It slipped into red and finally ended below 5690 today.
The range between 5700 and 5680 is quite crucial for if it gets taken out in the opening not followed by a quick recovery to levels above the zone, we are likely to head down to test the sub-5650 levels......The small range between 5700 and 5690 is the last support before it tests the low 0f 5660 posted on Mar 04.In case, there is any recovery the index needs to cross the range between 5740this is the most crucial supply zone for the day for it has the ability to put an end to any fledgling recovery unless backed by a lot of buying interest expressed through large volume activity in the cash segment and fresh position build up in the derivative segment. Do not expect any sustained buying campaign unless this level is decisively taken out.
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RESISTANCE:5700 5740, 5780SUPPORT: 5690, 5660, 5630