Technical positions between 5400-5600 are as follows:-
1- 5400 gave support in most depressing sentiments therefore strong support.
2- Previous resistance between 5540-5580 and Nifty traded whole day just below it within 5500-5535 yesterday.
All the Asian markets markets are again down today morning after US markets closing in deep Red therefore weak opening and firstly trading within 5450-5500 will be seen. RBI will declare credit policy today and till then Nifty trading within this range will be seen.
News based and global cues guided markets. Yesterday whole day positive after strong Asian markets and today firstly weak trading between 5450-5500 before RBI credit Policy and finally Indian markets will be decided according to Nifty sustaining below or above 5500.
Final moves will be seen after credit policy and conclusions should be drawn today from following moves after its declaration:-
1- If Nifty sustains below 5500 then expect 5400 fast.
2- If Nifty finally moves above 5535 then it will be strong indication of rally in the coming week.