Nifty: Resistance 5525/5555/5585/5605
Support 5496/5455-5446/5420/5386
Its been a dismal start for the Indian indices this year with the Sensex shedding 2181 points or 10% to close the month of January at 18,328. On Monday, it ended near its 5-month low. The flight of capital by FIIs saw net selling to the tune of over US $1bn. At the same time Wall Street saw better performance with the Dow gaining around 2% for January, its best performance in 4 years.
For today, Nifty may open partial up with 25-35 gains. Immediate resistance @ 5525/5555 range. If nifty sustains this zone, then Nifty may see further rise till 5605 odd range, from where fresh selling may be seen. Over all, Nifty is weak, so use rise to exit leverage longs till proper breakout.
Banking stocks showing some bullish/recovery sign.
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