The level 5650 is crucial for intraday. Break of this level would confirm a downside target of 5550 in coming trading sessions. As mentioned earlier, Nifty is likely to see a pull back rally from around this region. Failure of Nifty to hold above 5550, would presage a steep fall towards 4700 in coming weeks.
Trading in the short side is advisable, if Nifty breaks 5650 today. Those who are already holding shorts can revise their stop at 5710.
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