Hello,
Nifty nearly tested its 5500 level yesterday on the back of strong moves in Auto, Metal & Reality stocks. Only stock that remained weak is Reliance which yesterday tested its medium term trend line support. US markets closed a bit higher yesterday as it waits for the FOMC statement. The Federal Open Market Committee will debate whether to take new measures meant to boost growth--and if so, what those measures should include.
Since this is not expected during the Indian Market hours, with Asia remaining weak as of now and US / Europe Futures too not showing any signs, not much can be expected from the markets unless we strongly breakout from the 5500 levels.
Levels to watch out for Nifty are 5500 and 5550 on the higher side and 5425 and 5405 on the lower side.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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