Nifty recovered in intraday trading to close at 5408 level but the trend is still bearish for medium term. So today the first resistance for nifty is at 5454-58 level. Next resistance ranges are at 5482-85,5501-05,5518-22,5553-57,5578-82,5600-05,5619-23,5642-47,5754-59,5776-81,5807-12,5824-28,5849-54,5889-94,5935-40,5960-65,5980-85,6001-06,6025-30,6040-45,6080-85,6105-10,6145-50,6194-98,6233-38 levels. On downside first support is at 5363-58 level. Next supports are at 5337-32,5315-10,5297-94,5265-60,5237-32,5195-90,5172-68,5157-52,5065-60 level.The medium-long trend is still weak and close above 5555 is required for the bulls to have the trend on bull side .So today if nifty is above 5458 we expect some covering may happen and it may push index to 5520 level.On downside be very alert below 5358 and avoid longs below that level. Have a look at weekly trend.
Positional Immediate support for NIFTY is 5243
positional Resistance for NIFTY is 5528 5581 5734 5774 5783 5825 5840 5858 5863
Intraday Resistance of NIFTY are 5454.8 : 5501.2 : 5578.2 : 5519.3 : 5534.8
Intraday Support of NIFTY are 5362.1 : 5315.7 : 5238.7 : 5298.7 : 5283.6
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