Nifty closed flat after testing 5,440 level today. Nifty is trapped within two price bands, 5,375 - 5,500 level on a broader term basis and 5,400 - 5,475 on a shorter term basis. Breach below 5,375 will add further selling pressure(Bearish Trend) which could drag Nifty towards the (Broadening Price) channel support of 5,340 level. On the other hand a breakout above 5,500 level will push Nifty(Bullish Trend) towards the channel resistance of 5,540 level. Further breakout above 5,540 level will negates the earlier bearish view. On an intraday basis, Nifty spot should find (PIVOT) support near 5,400 & 5,386 level while the resistance will be at 5,456 & 5,470 level.
Ref : Nifty Daily Reports
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