• Major support   - 5505 (4H Kijun-Sen)
   
• The index has recovered sharply after making a low of 5485 yesterday. It is currently trading around 5539.
   
• Overall trend is bullish as long as the support 5460 (55 4H EMA) holds. 
   
• Any break above major resistance 5550 will take the index to next level till 5600/5645 in the short term.
   
• On the lower side, support is around 5505 (4H Kijun-Sen) and any violation below that level will drag the index till 5465/5450/5390.
  
  It is good to buy on dips around 5520 with SL around 5490 for the TP of 5550/5600.