Nifty: Ket support at 5200
NIFTY – DAILY (CMP 5235.25)
In their previous report Nirmal Bang mentioned that a break of 5190 would propel the NIFTY to 5400-5425 levels which is the trendline resistance formed by connecting the previous two major peaks of 6335 and 5629. The NIFTY failed to test that level and faced severe resistance at 5350 levels. The Index is now near a critical support of 5220 which is lower end of the channel it has been trading in over the past one month (as shown in the chart) a break below which would change the short term trend to down and the next immediate support for the NIFTY would be between levels of 5000-5050.
The Dollar Index has broken out of its previous high of 83.5 and Nirmal Bang expects the falling EUR-USD to keep downward pressure across risk assets globally.
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