The Nifty closed in the positive today, up 78 points at 5550. Over the next couple of days it is expected to trend up till 5626. In this period the key support will be at the 5501-5450 level and resistance will be at 5580.
The Nifty has formed a hanging man candlestick pattern and on the daily chart it has taken support at a downward sloping trend line which will act as a very crucial support, i,e, 5118. The short-term bias for the Nifty remains positive for a target of 5720 with reversal around 5110. The mediumterm outlook is positive because the Nifty has retraced 61.8% of the previous rally from 4770 to 6229. The momentum indicator on the daily chart has also given a positive crossover with a positive divergence.
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Support for Nifty at 5501-5450: Sharekhan
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