NIFTY INDEX TREND ANALYSIS

Nifty was on a bull trend and closed at 5614.80 So today the first resistance for nifty is at 5640 level. Next resistance ranges are at 5670,5695,5725 levels. On downside first support is at 5580 level. Next supports are at 5548,5500level.Nifty is currently in a negative territory but yesterdays bull move had some cushion effect on the bearish sentiment and today if nifty is above 5647 chance are their for covering and above 5674 bull had the upper hand. On downside if nifty is below 5580 be very alert and bears had the strength if nifty is below 5551 level.