After the government's clarification on the taxation of FII inflows through the Mauritius route , the markets bounced back handsomely and closed with robust gains. The Nifty crossed its psychologically important level of 5200.
Nifty has strong support at 5,150 levels. Immediate hurdle for the market is at 5,285 levels. Sustaining above the levels of 5,285 will be positive for the markets, in that case will be exposed to higher levels of 5,375 and 5,550. Up move in the market will face stiff resistance at 5,375 levels. On the lower side breach of 5,150 will be viewed negatively for lower level targets of 5,050 and 4,950. Support Long should be seen in markets, as markets are close to the crucial reversal point of 200 days average.