Nifty opened on a very weak note and remained under selling pressure for the entire session. It finally concluded the day with a loss of almost 2.40% at 5762. The rally since Nov. lows was a corrective one and has now resumed its downside after forming a high at 6181. Nifty is now placed near a support offered by the confluence of couple of trend lines on the daily chart and now has an important support placed at 5690. Should it manage to sustain above 5690 then there may be a bounce in the next few sessions. We do not recommend any fresh short positions at this juncture and advise to wait on the sidelines to confirm whether the 5690 support holds or gives way and then take a fresh call for trading on either side.
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