Market opened on the negative note at 5491 and selling intensified as the day progressed. Nifty made an intraday low of 5408, but in the last one hour of the trade some recovery was witnessed. Nifty has closed near 20 day EMA and also in today's trade Nifty took support at 50 % retracement level i.e. 5417 of up move from 5232 till 5608. Further fall in nifty likely to be witnessed only if Nifty trades below 5400 level. In the coming trading session, it is likely that nifty will take support near 5438-5420 level. On the upside, if nifty trades above, 5494 then we can see nifty testing 5530-5550 levels.
