Nifty: Resistance 5585/5630/5666/5680/5735/5757
Support 5555/5525/5480/5456/5419/5385
Nifty fell from cliff post RBI rate increase announcement. All major indices closed red with Bankex & Auto Index getting the hard hit. As we mentioned in our yesterday post, below 5680 > 5615-5555 is possible on closing basis, all tgt came intraday itself though. Today, immediate support @ 5525. If sustains below this, we may see some more weakness till 5480-5456. Lower level @ 5419-5385 should give ample cushion to this fall. Resistance @ 5585 for any upmove & above 5666, we may see some good short covering coming in.
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