NIFTY bounced off an impotrant support of 5675 on friday. This indicates that bulls were ready to retaliate at 5675 level. If, on Monday, bulls again hold this level then NIFTY may retarce back till 5807, and then till 5906. But looking at the volume in the last 2-3 days, this bounce back seems unlikely.
On the other hand, if NIFTY breaks 5675 level, then we may see a fall till 5600. There is a good support present at 5600. But if this support is broken then next support is far below at 5400 levels.
We have been talking about the wedge that formed on the NIFTY over last couple of months and it seems that the wedge has broken from the down-side. This formation has next support at 5200.
Overall we don't have anything bullish about NIFTY other than the fact that NIFTY kept the 5675 level. This is very critical level and if breached will wipe off all past four months gain.
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