Thanks to the sharp pull back yesterday, the down move seems to be arrested for the time being. However, the upside too looks limited from current levels. On the downside, key support for Nifty remains at 5,160, while resistance on the upside at 5,300.
The Nifty yesterday moved in a 49-point range, and finally settled with a gain of 26 points at 5,230. The immediate resistance for the Nifty is at 5,260, above which the index may spurt up to 5,300 in the coming days.
More of stock specific action is likely to continue until the index makes a decisive break.
Today, the Sensex may face resistance around 17,525-17,565, while support on the downside could be around 17,400-17,360.
