- Major support - 5515 (21 day MA).
- The index has broken major support 5515 and declined till 5487 at the time of writing .It is currently trading around 5491. The index is trading slightly below 21 dayMA a slight decline till 5460/5400 is possible.
- The intraday trend is slightly bearish as long as the resistance 5600 holds.
- Any break above major resistance 5,540 (daily Tenken-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 5460 and any violation below that level will drag the index till 5400/5385.
It is good to sell on rallies around 5535-5540 with SL around 5,600 for the TP of 5460/5400.
