Nifty opened weak but recovered swiftly from day’s low as the session progressed to finally end the day with a gain of 84 points at 5310. It was impressive recovery after Nifty has remained in a downtrend for almost the entire week. The longer term charts of Nifty are still in a downtrend, however there is a possibility we may see further bounce till the level of 5400 in the next few sessions. For Monday’s session there is support placed at 5260 level. The possibility of a further bounce would be negated if Nifty were to trade below 5175. If we consider the weekly chart Nifty still remains highly vulnerable to downsides till it trades below the level of 5556.
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