It was again a lacklustre day for markets as it was seen moving in a narrow range. After making the day's high in the opening trade at 5413 and a low of 5344 in the early hours of trade, it moved sideways with a positive bias before selling in the last hour of trade ensured that it closes at 5364, down 9 points. The broader market performed nearly in line with the benchmarks. S&P CNX 500 was down 0.21% and CNX midcap was down 0.12%.Trading volume were very low, infact it was one of the lowest in recent times suggesting very unenthusiastic levels of participation. Our pivotal level from where the short term positive structure appears sustainable remains at 5600-5625. Our medium term view remains neutral as long as the zone of 5600-5625 is not defied on the upside.

The NSE Mid Cap index continues to indicate a short term resistance at 7700. A breach above 7700 can help this index rise till 8000 where it could counter stiff resistance. Momentum indicators continue to suggest selling exhaustion at lower levels.

For the Nifty in the medium term, we suggest a wait and watch approach for the next few days as long as the level of 5600-5625 is not breached. We see no reason yet to revise our short term positive bias for the market.