Nifty has been trading with negative bias since past four sessions, ever since it failed to clear the resistance of 5,500. Nifty is now placed near the support level of 5,220. A breach of 5,220 would induce further weakness and Nifty may correct till 5,047 which is an important Fibonacci retracement level of the earlier advance from 4,686 till 5,629. On the higher side now the level of 5,340 to 5,360 would serve as resistance in case of a bounce back. The trend would continue to remain negative for immediate term till the time Nifty trades below 5,450.
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