As predicted in our post yesterday, the Nifty did find support at 5865 from where it bounced back. The tipping point for Nifty is now at 5909 and Nifty will have to trade above this mark for it to resume it's upwards path. The immediate resistance is at 5927.
On the flip side the immediate support is at 5891, 5881 and then at 5866.
Our outlook for the day is that the Nifty will remain weak in the opening moves and if it fails to find the support at 5866 conclusively then it must go further down to 5823. However if sideways movement persists for most part then it may start moving northwards again. However as of now the bullish trend is very much in place.
On the flip side the immediate support is at 5891, 5881 and then at 5866.
Our outlook for the day is that the Nifty will remain weak in the opening moves and if it fails to find the support at 5866 conclusively then it must go further down to 5823. However if sideways movement persists for most part then it may start moving northwards again. However as of now the bullish trend is very much in place.
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