Last week the Nifty did manage to hold above the 5210 levels on closing basis, which was a key support level. 5235 is the immediate support which if broken might see another spurt of supply. But to confirm that the the lower end of the range is in place, Nifty has to consistently trade above 5300 level in the next few trading sessions. The resistance will be at 5360 which if conquered may see the Nifty go up to 5420 which will be the next resistance. However if the Nifty manages to trade above the 5500 level, then we may see a fresh bout of purchases.
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