After a lackluster opening Nifty remained in a very narrow band and finally ended the day with a loss of 4 points at 5414. We have a bearish view on Nifty as long as it remains below the level of 5500. On the downside there is an important support placed at 5350. Looking at the overall structure of Nifty there is a high probability that the level of 5350 may be breached and it may come down to 5220 over the course of next couple of weeks. Even if Nifty manages to surge beyond 5500, the upsides may be capped till the level of 5555. We advise high caution at this point of time.
As for stocks L&T appears bearish on the chart for next few sessions.