• Major support   - 5,540 (daily Tenken-Sen)
   
• The index has declined after making a high of 5625. It is currently trading around 5,587.
   
• Overall trend is bullish as long as the support 5,540 (daily Tenken-Sen) holds. 
   
• Any break above major resistance 5,600 will take the index to next level till 5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
   
• On the lower side, support is around 5540 and any violation below that level will drag the index till 5,525/5,500/5,480.
  
  It is good to buy on dips around 5,580 with SL around 5,540 for the TP of 5,670/5,700.