Nifty Technical View
– > After a non stop run from 5350 to 5950 it was expected that markets should correct but it went all the way to the trendline.
– > The breakout happened around the 5600-5650 mark so that now becomes an important base for the next few weeks.
-> For the near term the support is at 5750 which is the trendline in blue and any further crack can take it to 5650.
– > A dip closer to 5650 could be again a re-entry point for stock specific or a bounce back trade.
We may expect the nifty range to be 5650-5950 but the action would largely be in the broader market.