The Nifty traded sideways at the beginning of the session and then slowly grinded higher. Nifty Future closed with a positive note at 5,676 with a white candle. Again, it closed between long trading ranges of 5,635-5,755. After breakdown from the previous range, it made a new intermediate low near 5,615. We believe, it will start trading in a new trading range of 5,600-5,725. We recommend trading with some low beta stocks and suggest BUY on dips. We expect it to take strong resistance near 5,725 and support seen at 5,630 and 5,600. For positional traders, we recommend buying on dips with strict stop loss at 5,580.
The Sensex has supports at 18,540 and 18,470 and resistances at 18,680 and 18,800. The Nifty spot has supports at 5,645 and 5,610 and resistances at 5,690 and 5,725.
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