According to GEPL Capital, in the immediate term the level of 5750 would act as a very stiff resistance for Nifty. If it is unable to clear 5750 then there is a possibility of a correction till at least 5600 to 5550 range.
GEPL Capital's Technical Report:
Nifty added on to the gains of Thursday and ended yesterday with a gain of 1.56 percent at 5680. In the immediate term the level of 5750 would now act as a very stiff resistance for Nifty. If it is unable to clear 5750 then there is a possibility of a correction till at least 5600 to 5550 range. The gap support of 5550 has now turned a very important support for the immediate term.
As long as Nifty is able to hold this support it may at a later point in time attempt to cross the resistance of 5750 but for the time being we may witness a correction of this entire up move from 5118 till 5688 and Nifty may come down till 5600 to 5550 range.
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