Despite a positive opening Nifty was unable to head higher. It turned highly volatile but in the end managed to close with a gain of 10 points at 5531. It has been consistently trading below its 200 Day EMA placed near 5600, which is a bearish sign. Going forward we maintain a bearish view for Nifty as long as it trades below 5600. This is because the structure since the February low till date appears to be a corrective one which may give way to another round of sell off in the coming few sessions. The level of 5600 would still holds as a critical resistance for tomorrow. In case of a breach of 5600 Nifty may scale higher to 5660, On the downside the level of 5455 is a support for Nifty. In case of a breach of 5400 there would be further confirmation of a change in trend and selling could be aggravated.
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