Technically, Nifty has tested the upper resistance level of 5,500 and owing to overstretched status plus profit taking at higher levels. If we look at Nifty chart, it is trying to consolidate above 5,450-5,470 level while the upside supply seen at 5,500 level. As explained before, Nifty daily chart is trading in a Broadening price formation (5,340 - 5,572, Green lines) which indicates consolidation within the price range. One can also observe a minor trading range (5,510-5,520 level, Red Lines) within the bigger Broadening Price Formation. Nifty (Spot) should face resistance near 5,530 & 5,550 level while the support will be near 5,464 & 5,423 level. The undertone below 5,572 continues to remain bearish. A breakout above 5,572 will only negate the earlier bearish view.
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