With the corrective decline of past couple of sessions Nifty has now come close to a support level of 5,200 and below that there is support placed at 5,150. On higher levels, 5300 may act as the immediate resistance level for Nifty and any gains above these levels are likely to face stiff resistance at 5340-5375. We advise to traders and investors a wait and watch approach for any fresh long positions till the time we do not see any signs of stability near 5,200 to 5,150 levels.
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