Nifty Out look(Intraday)

 NIFTY traded on a sideways to weak note and closed witha loss of nearly points 45 points yesterday.As prices fell below the support level of 5610 yesterdayfurther fall towards the chart gap (June 29th) support near5548 and then 5496 levels seems possible in the coming2-3 sessions. The 14-day RSI is descending towards the neutral zonewhile the momentum in the very short-term Stochastic(5/3/3) is weakening and would be supportive for the saidweakness. On the higher side,

immediate resistance is seen in theregion of 5633/5650. Only an early rise above it will invitea minor upside recovery in prices delaying the expectedweakness. Overall, whether current fall is a correction for the rise fromrecent low of 5197 or the resumption of medium-termweakness from November highs more clarity is likely toemerge from price action in coming days.

Sell NIFTY below 5600 with stop of 5635 for a possible target of5550.