That rally which nifty witnessed yesterday is over it means that we should not look forward to another one of these moves. Market is now giving us lower levels. Nifty started below 5700 but could not cross it rather it declined throughout the day. The target for this decline is 5,500 it will come sooner or later This is due to the bearish formation on the end-of-day chart of the index, which indicates that we are headed for further fall. In any case, to outline the support levels....we find, 5670 – 5640 as the immediate support zone then 5615 through 5590 and then 5573 – 5550 and finally 5510. We still believe that the Nifty would not breach 5510 on closing basis without giving a meaningful correction—this is our worst case scenario for the short term as we said yesterday.
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RESISTANCE:5680 5710, 5780
SUPPORT: 5670, 5630, 5600