Nifty opened positive but succumbed to some selling as the session progressed. it finally ended the day with a loss of 55 points at 5687. It has been range bound since past 6-7 sessions with a negative bias. The level of 5840 is a resistance which Nifty needs to clear for any upside confirmation; likewise an equally important support is placed at 5625. A breach of either side of this trading range will provide a good opportunity to open a trade. If Nifty conquers 5840 then we may see further upside till 5970, alternatively a breach of 5625 can drag it down to 5540. We suggest a wait and watch approach till the time Nifty remains within the confines of this broad range.
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