Despite a negative opening Nifty found support at lower levels and bounced back. The recovery gained momentum as the session progressed and it finally ended the day with an impressive gain of 90 points at 5857. Going forward the recovery seen on Friday can extend up till the level of 5900. However as long as Nifty remains below the level of 5944 it remains susceptible to sudden sell offs. On the downside the level of 5780 is now a key support to watch out for. A breach of 5780 can induce further selling and in that case Nifty can come down to 5690 at least and drift even lower. In effect the range of 5944 to 5780 remains a no trade zone from a trading perspective. Any directional cues would emerge on either side break out of this broad trading range.
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