It was a choppy opening for the Indian market which traded most of the part in negative bias but gave a closing in the green and managed to close above 5400. For tomorrow it is expected that market may continue with the consolidation phase. The GDP data for Q2FY11 due to be announced tomorrow can be an important event for the market. The undertone below 5,500 continues to remain bearish. A breach below 5,400 level will trigger further selling pressure and Nifty could slip towards the next support of 5,340 level while a breakout above 5,450 level could push it towards 5,500 level. A breakout above 5,550 will only negate the earlier bearish view.
On an intraday basis, Nifty spot should find support near 5,380 & 5,345 level while the resistance will be at 5,459 & 5,503 level.
BSE Sensex should find the support level at 17880-17795 and resistance at 18160-18228.
On an intraday basis, Nifty spot should find support near 5,380 & 5,345 level while the resistance will be at 5,459 & 5,503 level.
BSE Sensex should find the support level at 17880-17795 and resistance at 18160-18228.
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