Earlier, we have mentioned 5900 as a crucial level and failure of Nifty to move above 5900 could impart further weakness in Nifty. Nifty bounced from 5700 levels from where it saw a pull back rally earlier. The recent rally from 5700 could it move past 5900. It was halted around 5858.
Now, as Nifty could not move above 5900, a break of its earlier low of 5690, would confirm a decline towards 5550 in coming trading sessions. In contrary, only a move above 5900, would confirm bullishness in Nifty.
Postional Traders can remain short with a stop at 5900 for coming trading sessions. Fresh longs can be initiated if Nifty trades above 5900.
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