Today's session was not as satisfying to the bulls as compared to yesterday's. The Resistance of 5513 mentioned yesterday was hit in opening trade and consolidated within the small range of 40 points.The candle formed is bearish with a long upper shadow showing nervousness at higher levels.However the higher high and higher low sequence was maintained .Volumes were average and breadth positive.
Bullishness can be seen only on a move and close above 5537-5550. Nifty needs to sustain above 5400 to avoid weakness as the 5350 support has been tested a lot of times and holding the same again may prove difficult. Thus a break of 5400 may make bulls nervous enough to give up fort.
Supports at 5471-5451-5431-5411. Resistance at 5514-5537-5550-5561.
Happy Trading !!