Today Nifty opened mildly positive and built on to its gains as the session progressed. It finally ended the day with a gain of 78 points at 5830. On Friday Nifty took support near an important level. It is important because of confluence of various factors like the Fibonacci retracement level of the recent move from 4786 to 6338 and the support offered by the upper band of a year long trend channel. Today we have witnessed a bounce and the bounce still has a minor possibility to edge higher. However the level of 5870 would now serve as an immediate resistance. Overall Nifty still remains susceptible to selling as long as it trades below 5940 due to the bearish setup on the weekly chart. Support levels for next few days are placed at 5800 and below that at 5770. The level of 5720 is a key support to watch out for. A breach of that may drag the index down to 5660.
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