The Nifty opened the session with a negative gap on the back of negative cues from its global peers. The index spent the entire session trading in the negative territory and the selling pressure increased as the session progressed.The index registered an intraday low of 5496.95 levels and finally closed the session at the 5526.15 levels with a loss of 89 points.
In our previous updates we had discussed that the nifty could test levels of 5560 / 5515,once it closes below the important support level of 5600, and nifty did that thus meeting our downside targets.With today’s movement the index has closed near to its crucial support levels of 5495-5480 and hence a pullback from the current levels cannot be ruled out. Sustenance above the 5500 levels could see the index filling up its negative gap placed at 5580-5600 levels.
On the downside if the nifty closes below the 5480 levels;it is likely to continue its downward movement and could test the levels of 5430 / 5380.
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