After breaking the important support of 5480 nifty fell upto support levels near 5350 and pulled back to close finally at 5416. All the
technical indicators are still negative and the bearish view is still holding
except that 5350 level is major support and one can expect pullback from this
level before finally breaking down. Add to that some of the indicators are in
the oversold zone and RSI is still showing divergence. On the upside pullback is going to get resistance
around 5470 & 5505 levels. If nifty
breaks 5350 on the downside major support is near 5240 level. Banknifty is near
its downside target of 8700-8950 levels.
