|A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading session
The level of 5150 continues to remain an immediate support.
Nifty opened marginally positive but succumbed to selling pressure in the first half of trade. However it managed to recover some of its losses to conclude at 5202, losing 20 points. Amongst the sectoral indices the BSE FMCG and Auto indices were the outperformers whereas BSE CD index lost the most.
Nifty is now trading very close to a support level of 5150. It is very important for it to sustain above this level and stage an immediate recovery for resumption of uptrend in next few sessions.However a failure to hold this support may result in further correction till 5085 and lower over next few sessions.
On the higher side Nifty has now a severe resistance placed in the band of 5250 to 5280. Only a move beyond 5310 would negate the present bearish implications and open upsides till 5400 and beyond. Thus one may await a confirmation of a break out above 5280-5300 or a break down below 5150 for directional cues.