Nifty opened positive and maintained its upside tempo throughout the session. It finally concluded the day with a gain of 42 points at 5522. In our opinion Nifty is nearing a very severe resistance level of 5565 and we continue to maintain a bearish stance as long as it trades below that level of 5565. With the upsides of past couple of sessions most people seem to have turned bullish. However we have a contrary view. Depending upon tomorrow’s activity in the morning session, one may short sell Nifty if it is unable to sustain above the level of 5565 placing a stop loss of 5630, on the downside we expect a minimum downside till 5460 in next one to two sessions. Overall one must remain cautious with their long positions near this critical resistance range of 5565 to 5625 as there are high chances that Nifty may correct its recent upmove.
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