NIFTY OUT LOOK

NIFTY opened gap lower and traded within a fairly tight

range of 5475-5512 before ending the session with a loss
of 60 points yesterday.
Hence index could see further dips towards 5436 retracement for the rise from 5252-5740 in the today session. Break below it finds next support near 5400 levels.
On the higher side, yesterday’s chart gap region of 5512-5541 acts as good resistance.
Note that prices have fallen quite sharply over the last three session and further weakness would push the intraday oscillators into the oversold territory.

This calls caution for an upside recovery from said support levels,however confirmation from price action is awaited.
Prices could test 5436 in the Today session however chances
for a notable upside recovery remain fair after seeing such dips.