The Nifty did manage to spike upwards in last session and closed significantly higher. The tipping point for the day is at 5924 and nifty must somehow manage to conquer the immediate resistance which is at 5954 and 5985 for the current up move to sustain. Bulls will however return only if it trades above the 6014 mark.
The immediate support is at 5931 and 5920. However if it slides below the 5905 mark then it will give up all the recent gains.
Our outlook is continued weakness and consolidation at lower levels as long as it trades below the 6014 mark. The up move may be seen in the light of the expiry of the current month series which is due next week.