It was poor start in Indian Stock Markets. Both benchmark indices (Nifty & Sensex) lost 1.66% and 1.51% respectively on the initial day of the new trading week and ended at 5,234 and 17222.
Now the level of 5,200 is an important support for Nifty. As long as Nifty sustains above 5,200 there are chances of further upside but the level of 5,300 and beyond that 5,355 would act as resistance for Nifty. Only in case Nifty manages to sustain above 5,355 we may see a sharp up-move which may take it beyond 5,400. However if Nifty fails to maintain above 5,200 then we may see further downside till 5,050.
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