- Major support - 5,500 (21 day MA).
- The index has slightly recovered after making a low of 5493 on Friday.It is currently trading around 5552.The index is facing strong support at 21 day MA and slight weakness can be seen only below that level.
- Short term trend is slightly bullish as long as the support 5500 (21 day MA) holds.
- Any break above major resistance 5,542 (Daily Tenkan-Sen) will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
- On the lower side, support is around 5485 and any violation below that level will drag the index till 5450/5400.
It is good to buy on dips around 5500 with SL around 5,460 for the TP of 5555/5600.
