The index will be tested below 5576 Nifty especially 5547 & 5500 levels. Hourly MACD is still bullish, so if the index manages to hold above 5585, then there can be hope for the bulls" to take over the market.

Nifty Future has major resistance at 5647 levels; on breaking this level we can expect 5693 on intra-day

Bank Nifty (Refer Chart - Bank Nifty)

Bank Nifty hold above 11150 which is also important for bulls. A break below 11150 can result in downside levels of 11110 & 11010.

Trading above 11290 Bank Nifty will have a chance to move till 11350 & 11430.

Intra day calls

Educomp
Sell below at Rs 285
Stop loss at Rs 288
Target price of Rs 280/277

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.www.goodreturns.in

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