Nifty has been consolidating in a sideways zone of around 125 points since past few sessions and it is trading near an important resistance level of 5,435. Similarly the level of 5,320 could be an immediate support for Nifty. If 5,320 is violated then we may see further downside till 5,225 and below that the next major support is only placed at 5,100. We recommend profit taking in long positions if Nifty fails to clear the level of 5,450 on upside and trailing stop losses for long positions to 5,320.
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