Markets ended on a positive note this Monday with 50-share Nifty regaining psychological level of 5,600 after the central bank announced more measures to support the domestic currency. The Reserve Bank on Friday announced that it will sell government bonds worth Rs 22,000 crore every Monday to check volatility in the forex market. The 30-share Sensex rose 157.64 point to end at 18,946.98 and the 50-share Nifty gained 46.75 points at 5,612.40 levels, market breadth was positive. Out of 2,256 stocks traded, 1,366 stocks advanced while 763 stocks declined on the BSE. The currency traded at 61.06 a dollar from Friday's close of 60.88 at the Inter bank Foreign Exchange Market. Globally asian markets were green while European market trading down. Nifty closed above 5600 so we can expect some short covering,on downside nift has support at 5550 and a close above 5650 will be a slight bull signal, So short term buyers better buy above that level.
Positional Immediate support for NIFTY is 5500
positional Resistance for NIFTY is 5704 5810 5826 5837 5855 5863 5864 5898 5911
Pivot point 5604.5
Intraday Supprort 5604.43 5588.40 5565 5517.6 5478.2
Intraday Resistance of nifty 5628.3 5636.3 5651.8 5660.9 5691.4 5738.8
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