We certainly discussed the immediate bearishness along with the positional bullish view on the last post. Nifty exactly did that by starting weak by making high exactly at 5221.25 (resistance discussed 5220/22) for the day and ending on a high note from the support level of 5175-5170 (low made 5176). So nifty has already managed to hold onto it's one of big support level and looking for an another heard up towards the 5265-85 zone before deciding it's further move. The positional view of 5333/40 is still intact as long as 5140/5120 is holding for the bulls.
Supports: Up move from 5176 is having it's immediate support lies @ 5205 zone. Sustaining below that it can again target 5170 and well discussed 5145-25.
Resistances: This upthrust can make nifty move towards 5265/75 initially and 5285/95 after that. Long initiated around 5185 can be booked here once and can be reconsidered above 5295 again. Above that 5330/38 will be targeted.
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