Nifty maintains downward momentum - FINQUEST

Nifty started the session with a gap-down opening and thereafter drifted lower thus maintaining its downward momentum marked an intraday low at 5274, finally settling almost flat at 5476.

Nifty resumed its downtrend thus forming a long bearish candle witnessing close near day's low. The outlook continues to remains negative on back of downward momentum. Thus for the coming session, sustenance below 5350 would keep sentiments weak whereby immediate supports on downside are seen at 5260-5250 which is previous support zone, break below which would drag index further lower towards 5215.

Nifty for the day has support at 5250, breach of which could drag index lower towards 5215-5180 levels. Towards upside 5315 would act as resistance, above which it could edge higher towards 5350-5425 levels.

Nifty likely to witness weak opening whereby support on lower side is seen at 5215 followed by 5180.

Source : Equity Bulls

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