The level of 5090 is an important support. Failure to hold this support may result in a downside till 5030.
Nifty opened positive and inched higher to marginally surpass the resistance of 5190. The gains however proved unattainable and it finally ended the day with a loss of 31 points at 5114.Amongst the sectoral indices the BSE CD index was the only index to close in the positive territory whereas BSE Bankex and Power indices were seen losing the most.
Despite a positive opening Nifty ended with a loss of 31 points today. We had indicated that the level of 5190 as an important resistance. Nifty was unable to sustain above 5190 and gave back its early morning gains. Now it has an important support placed at 5090. A breach of 5090 would signal further decline till at least the support level of 5030.
On the higher side now the range of 5130 to 5145 would serve as a resistance or tomorrow’s sessions. Only in case if Nifty manages to sustain above 5200 then we may see further upside till 5300 in next few sessions.