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It is called a pullback where broadly the bias is on the upside but it is so weak that it is difficult to trade on the upside. I imagine that there will be another thrust in spite of the rise in crude, etc., to about 5620 and around those levels this pullback will end. That may take 2 or 3 more days, but the trend clearly remains down. If you do not want to trade, probably avoid the next two or three days but the big move will really come on the downside.

Meanwhile, there are enough individual stocks as we saw with Jubilant yesterday which are giving you those solid moves. So we would have a marginal long bias but not to trade the Nifty with that but to trade individual stocks which are stronger than the market. They are more likely to go up.

For the Nifty, the level for the day is 5546. We will become positive for the day above 5546. On the upside, 5580-5590 will remain a consistent resistance. On the downside 5502 to 5506, which was yesterday's low, will remain a support.

In the Bank Nifty, we need to now cross 11081 for it to become positive. That closed in the negative yesterday. So banks are not showing a lot of strength in this pullback, though they could still move higher if the Nifty goes up to 5610-5620.

For CNX IT, the key level for the day is 6610.