Hello,
Nifty weakened in line with rest of Asia and Dow Futures but did not fall so much so as to breakdown crucial levels of support. We did not even break below the Monday's low which is a crucial level to be broken for the market to slide downwards from here. With Dow getting back above 10K yesterday, Nifty will again tend to test its resistance at 5300 and 5335.
Only a break and close above 5350 (5335 - 5340 range) would herald a fresh bull run in the markets that have for the last few days gone nowhere. I believe its a matter of time before we break either the higher resistance point or go down below the crucial support ranges and probability seems to indicate a more likely chance for a move on the upside rather than on the downside.
Nifty has supports at 5225, 5205 and 5150. Any test of these supports today would indicate that the market has lost momentum and probability would hence shift to the other side (i.e., bearish).
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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