Nifty failed to breach past the immediate resistance at 5920 and thus traded with weak bias throughout the day closing lower by 50 points. With this recent correction of last few days the index is now hovering above the lower band of the rising channel within which it has moving since its low of 5118 in late Aug. Thus as long as the channel support at 5800 holds, the index could continue to trade in range between 5800 and 6000.
However if support at 5800 is breached the index could test 5750-5700 levels on the lower side. Support at 5800 crucial; as long as it holds the index could trade in a range between 5800 and 6000. Breach below 5800 to invite fall towards 5750-5700 levels.
Bank Nifty traded in a range bound manner with negative bias within the prior day's range forming yet another Inside day candle. The index is stuck in a range between 10250 and 9900. A decisive breach in either direction will determine the trend. A breach above 10250 would lead to an up move towards 10400-10500 levels whereas a break down below 9900 would lead to a fall towards 9700 levels.
Bank Nifty is stuck in a range between 10250 and 9900; a decisive breach in either direction will determine the trend.
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Below 5800, Nifty may test 5700-5750: Aditya Birla Money
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