As informed in our daily newsletter Nifty could not break the resistance placed at 5600! On Friday we informed that the market would dance to the tunes of Infosys results. The market went down after Infosys results. Disappointing profitability guidance given by Infosys for FY14 has helped the bears to control the market. On Friday, after the announcement of its Q4 results,  Infosys fell more than 21%, which is its biggest single day fall in the last 10 years. Interestingly Nifty fell by 65.45 on Friday mainly because of Infosys fall while all the other index stocks posted modest gains. Government is expected to push the reform button soon to correct CAD and fiscal situation.

Right now the resistance is still placed at 5600 and only when Nifty crosses comfortably above 5700 we can expect a good up move. There is a good support at 5500 and we will have to check the key support/resistance points now as Nifty has been trading in a small trading range for more than a week.