|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 positive but remained highly range bound throughout the session to conclude the day with a loss of 13 points at 5189. Amongst the sectoral indices the BSE IT and FMCG indices were the outperformers whereas BSE Power index lost the most.
We have been mentioning the support level of 5150 as an important one. It continues to hold high significance for immediate term. 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.