As we have predicted nifty was able to cross and sustain above 5800 today. Nifty gained 66 points to close at 5836. Nifty made a low of 5788 and high of 5836 today.
It looks as if we are headed for some kind of a sideways range bound movement between 5700 and 5900 Nifty levels in the next few days. While the daily bar of the Nifty yesterday showed considerable weakness but the intraday chart pattern reveals adequate buying support just above the 5750 mark.....Till such time we see an upward move sustaining above 5850, we can’t expect further upswing and a possible retest of 5870 or higher levels
On the downside, if there were to be any large scale selling taking the market down below 5720, the next support levels are 5700 and 5650.
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SUPPORT: 5790, 5750,5720