Yesterday, on the daily charts, NIFTY formed a Bearish Engulfing Candle, which gave the confirmation to the last two days indecisive casdles. This candle signifies the Bear Strength in the market, as it is formed at a well defined height. NIFTY opened flat in the morning, around Wednesday's closing level of 5376.30 and broke the intraday resistance of 5380 by making a high of 5383.65. In the later half of the trading session, it breached the intraday support of 56350 and 5335 by making a low of 5290.25, but managed to close at 5304.45. If a look at indicators is taken, RSI (Relative Strength Index) has given a Sell Signal. With all these keping in mind, traders are again suggested to trade with strict Stop Losses and with full caution and at the same time investors are suggested to avoid fresh buying at these levels, and start booking at least 75% profits of their holdings.

Now, the next intraday resistance for NIFTY comes at 5330/ 5350 / 5380 levels. At the same time, 5275 / 5250 / 5235 will be acting as major support levels.