slipped 13.05 points to finish at 5742 after hitting an intraday low of 5675. The RBI quarterly review did not usher in any fresh changes in either the repo rates or the CRR. However, with no indication from the central bank that the recently announced liquidity tightening measures would be withdrawn shortly and the rate cut cycle coming in after that the market tanked. ....
While the Nifty end-of-day chart is still considerably weak, the index has come down so sharply that a minor pullback short covering rally can’t be ruled out. Unless the index falls below 5700 short covering rally shaping up for the above demand range might hold the index at least for now. Thus, for the spot-Nifty watch out for the support levels between 5730 and 5700 for a serious breakdown below this range would mean a probable dash to 5650 through 5600 support area.
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RESISTANCE:5740 5780, 5850
SUPPORT :5720, 5690, 5650