Caution about the bearish indications yesterday paid off and the bearishness took effect. It was a wide ranging day encompassing the last two days range.Bearish because it closed below that range. The Nifty ended 38 points down, taking support exactly on the green trendline at 5992. The range of 5932-6073 is intact and the lower end is expected to be tested. If broken, expect downward momentum to accelerate and give a 140 point move to 5792. That should coincide approximately with the 38.2% fibo retracement level of rise from 5350 , at 5775.
Resistance at 6001-6018-6026-6038. Support at 5932-5903-5875-5838.
Happy Trading !!