|We maintain a target of 5440, however minor declines till 5250 cannot be ruled out.
After a lackluster opening Nifty remained highly range bound throughout the session and it finally ended the day with flat at 5278. Amongst the sectoral indices the BSE Realty and CD indices were the outperformers whereas BSE FMCG index lost the most.
We had indicated the level of 5440 as the positional target for Nifty and continue o maintain the same. However in the immediate term it has resistance placed at 5300 as it is an important Fibonacci level of the earlier decline and it may correct marginally from that level.
On the down side it now has support placed at 5250 and below that 5200 is an important immediate term support. The level of 5090 has now emerged as a very strong positional support for Nifty. Till the time it trades above 5090 the uptrend would remain in tact and it may test the level of 5440. Only a breach of 5090 would negate the uptrend.