Initial signs of stability emerge. However any bullishness cannot be confirmed as long as Nifty trades below 5460. 5050 may still be seen if 5150 is breached.
The market rebounded quite nicely ahead of last hour of trade with the Sensex gaining from day's low and the Nifty inching towards 5300 level. The Sensex is up 28.074 points at 17996.15 while Nifty is down 2.45 points at 5285 Index heavyweights Reliance Industries and Infosys rose one percent each while TCS and Wipro rallied three percent each.
Nifty opened down with a gap and slid further as the session progressed. It however managed to recover from the low point of the day and concluded the day with a marginal loss of 2 points at 5265. Though the activity off the day's low's was encouraging, the bearish trend persists as long as Nifty trades below the level of 5460. In the immediate term the level of 5150 is now a support for the index.
If Nifty breaches the level of 5150 then we may see further decline till 5050 and even lower. On the higher side now the level of 5370 would offer stiff resistance for Nifty and beyond that 5460 is the most important resistance and a trend reversal value to watch out for.
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