The market is expected to be volatile and would move under the influence of results. The consolidation phase is expected to continue with support around 5,300 levels.
Nifty spot chart suggest that the market is trading in a sideways trend with 5,420 acting as a crucial supply level and 5,340 as a support zone. Nifty should face selling pressure below 5,420 level while downside support will be at 5,340 & 5,300 level. A breakout above 5420 will negate the earlier possibility and breakout could lead Nifty spot to 5,485 level. On an intraday basis, Nifty spot should find (PIVOT) support near 5,360 & 5,337 level while the resistance will be at 5,409 & 5,433 level.
Nifty spot chart suggest that the market is trading in a sideways trend with 5,420 acting as a crucial supply level and 5,340 as a support zone. Nifty should face selling pressure below 5,420 level while downside support will be at 5,340 & 5,300 level. A breakout above 5420 will negate the earlier possibility and breakout could lead Nifty spot to 5,485 level. On an intraday basis, Nifty spot should find (PIVOT) support near 5,360 & 5,337 level while the resistance will be at 5,409 & 5,433 level.
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