• Major support - 5,447 (21 day MA)
   
• The index has broken major psychological support at 5500 declined till 5485 at the time of writing. It is currently trading around 5,490.
   
• Short term trend is bearish as long as the resistance 5,555 (daily Tenken-Sen) holds. 
   
• Any break above major resistance 5,555 will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
   
• On the lower side, support is around 5447 and any violation below that level will drag the index till 5400/5440.
  
  It is good to sell on rallies at 5500 with SL around 5,555 for the TP of 5400.