|The level of 5090 is an important support, whereas 5200 may prove as resistance.Nifty ended with a gain of 21 points after a gap up opening. Amongst the sectoral indices the BSE Metal and Power indices were the outperformers whereas BSE Auto index ended in the red.
Nifty has been highly range bound between 5050 to 5200 range since past one week. In the immediate term it has support placed at 5090. As long as it sustains above 5090 the sideways range may continue for another one to two sessions. However a breach of 5090 would invite further selling and it may come down to the next major support level of 5029.
On the higher side it has immediate resistance placed at 5165 and beyond that the level of 5200 is the next critical resistance. A move beyond 5200 would signal further upside till 5300 and beyond that 5440 is a possibility in coming few seeks.. A break out on either side (Above 5200 or below 5090) would provide us with the directional cues for Nifty for short term.