If the benchmark index trades below the 5266 mark with good volumes then 5240 must be the immediate support and we can see the Nifty sliding gradually down to the support of 5188. Below 5185 mark, fresh shorts will be built up and all the recent gains will be given up. However, above the 5266 mark, the nifty may go up to 5280, 5320 and 5365. Charts, however. indicate bounce back and upside from here on.
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