As envisaged last week, the market took a breather, thanks to settlement. Although the under current seems to be bullish but chances of a little more downside are possible. If the 5415 level does not hold conclusively then the immediate support exists at 5323 and then 5269. However, if market holds the current levels on closing basis for the next few sessions then the resistance should be at 5460 and 5505. If 5555 is conquered conclusively then market may be headed for higher highs as short covering will kick in.
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