Nifty ends the week on a negative and weak note closing above the important support level of 5480. Nifty opened gap down and remained above 5510 till the IIP data was released and following that market slid fast towards 5458 levels and recovered primarily with intra day short covering rally to close just above 5480. VWAP @ close is 5485. Nifty closes at 5486.
1) For Monday, Nifty looks weak below 5530 and this is the reversal level for intra day on Monday as there will be considerable resistance to keep index below 5500 levels.
2) Now below 5480, next levels of support will be 5435-5410.
3) Bullish scenario is ruled out on Monday and can happen only with a gap up opening above 5520 and sustaining above it. Happy weekend! Happy trading!
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