After Friday`s positive close Nifty witnessed a profit booking session today and finally closed in red. Looking at the daily reports and chart, Nifty Futures closed with a Bearish with a rise in volumes favours the sell signal. As explained before, 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 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 towards the channel resistance of 5,540 level. Further breakout above 5,540 level will negates the earlier bearish view.
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