Nifty traded in a range with a positive bias. It closed on a positive note above 5,350 level which is positive indicator for short term. Intraday support is seen at 5,325 and resistance at 5,380. For daily purpose, Trend deciding level is 5,380. If Nifty shows strength above 5380 levels, then rally to 5,420/5,450 may be seen. If Nifty does not show strength above 5,380 levels then selling pressure till 5,325/5,290/5,250 may also be seen. Nifty is having resistance at 5,411 and 5,464 while the support is there at 5,317 and 5,274 levels.
The bias for Nifty continues to remain positive till the time it trades above the level of 5,220. It has short term support placed near 5,295 level, thus any decline should be arrested near that level if the upside trend has to continue. Only a breach of 5,295 would be the first sign of weakness and the upside trend for immediate term would be negated only if it breaches the level of 5,220. However till the time it trades above 5,220 the bias remains positive and a breach of 5400 would confirm further upside till 5,540 and higher.
The bias for Nifty continues to remain positive till the time it trades above the level of 5,220. It has short term support placed near 5,295 level, thus any decline should be arrested near that level if the upside trend has to continue. Only a breach of 5,295 would be the first sign of weakness and the upside trend for immediate term would be negated only if it breaches the level of 5,220. However till the time it trades above 5,220 the bias remains positive and a breach of 5400 would confirm further upside till 5,540 and higher.
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