NIFTY SUPPORT AND RESISTANCE

Nifty Spot has resistance @ 20 SMA and 50 SMA both placed @ 5300 levels .It has also falling wedge resistance @ 5290.Only a close above 5300 Nifty will be bullish.Nifty has support @ 200 SMA placed @ 5170 and below that 100 SMA @ 5082.If Nifty closes below 5170 it will test 5082 .Below 5082 Nifty can fill all the 4 gaps left on the downside.
For Nifty gaps refer post on february 22nd 2012 in the blog archive.