After reverting from 200 DMA of 5400, the Nifty faced persistent selling pressure from the crucial level of 5320 during the week and finally closed below it at 5280. On downsides, it tested the major support of 5200 but could not move beyond it.
Nifty
The Nifty may continue to trade in the range of 5200-5430. Intermediate resistance is at 5320. Sustainability above 5320 is likely to keep the positive bias for the index.
Bank Nifty
The Bank Nifty has finally closed above the crucial support of 9800. It may gather strength till it holds this level and may eventually move towards 10050, which would be the major breakout level for the index.
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