We maintain a positional target of 5440.
Nifty remained choppy for the initial half of the session and we witnessed a spurt in the second half. It finally concluded with a gain of 24 points at 5327. Amongst the sectoral indices the BSE FMCG and Bankex indices were the outperformers whereas BSE Realty index lost the most.
We had indicated the level of 5440 as the positional target for Nifty and continue to maintain the same. However in the immediate term it has resistance placed at 5340 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 intact and it may test the level of 5440. Only a breach of 5090 would negate the uptrend.