Hello,
Markets had a lackluster day with Nifty trading in a small band. While at one point we did threaten to break down and test 5335 support, a late recovery meant that we had sailed through without any damage. While the Indian Markets have been leading indices, even the Indian Markets now seem back to be looking towards the US market for direction. The US markets on the other hand has been suffering at the 200 day DMA resistance and hence seeing higher volatility.
A strong move above 5400 and or below 5335 will set the stage for the next phase of Nifty. Until that happens, it would be better to wait and watch. For today, Nifty has resistances at 5400 and 5450 and supports come in at 5350 and 5335.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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