Nifty recovery to 5850 levels expected: Rajat Bose

What is the call on the Nifty, what levels would you watch out for?

Rajat Bose: First I would like to tell you the levels. Initially, the strong support area is between 5708 to about 5700 itself. This is a very strong support area. So you can expect some demand coming in around these levels and if it were to fail and the Nifty moves lower, then 5779 to about 5669 would be another key support area. Unless we see the market closes today below 5669 in any decisive manner, there would always be a possibility of a bounce back.

On the upside when you will read the first sign of strength when the Nifty crosses 5759, prior to that this narrow range movement is likely to continue but with the Nifty May PCR showing a reading of 1.31 at the end of Friday, it is not all that bad. Even the Nifty NSE India VIX was that 19.50, that suggests that short traders are not betting too much on the downside. So probably a range bound movement and a possible recovery at least to 5850 levels likely in the Nifty going forward.