Nifty: Resistance 5497/5525/5555/5586
Support 5451/5420/5385/5333
Nifty witnessed another weak session, despite of strong global cues. For today, Nifty may open gap up with 40-50 pts & will face immediate resistance @ 5497-5525 zone. If sustained, Nifty may see some short covering. For safety, we would advise all shorters to cover shorts & be sideline till further break of 5420 [closing basis] side now. Levels to watch 5420 & 5555 on either side for further big movement.
Nifty in highly oversold zone, so pullback rally can be seen for a day or two.
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