Looking at the daily reports and technical charts Nifty has breached the resistance of 5,450 and managed to close above this level which indicates a positive note for Indian Markets. Due to the heavy selling pressure, Nifty, closed the session below the vital levels of 9 & 15 Days SMA placed at 5,448 and 5,432 for the second successive day, which is not a good sign for market. 50 and 100 day`s SMA pertains to Nifty are placed at 5,325 and 5,249; these levels may act as new supports, in coming sessions.
On the basis of Daily chart, Nifty should face upside resistance at 5,500 & 5,530 level while the expected support will be 5,400 - 5,375 level. A breakout above 5,530 will negates the earlier view. On an intraday basis, Nifty spot should find support near 5,381 & 5,347 level while the resistance will be at 5,440 & 5,465 level.
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