The NIFTY opened on a tentative note and traded in a narrow range throughout the day. The
index witnessed a lackluster session with low volume participation.
The index registered a low of 5121 and eventually closed at 5138 levels with a loss of 22 points.
The index has been consolidating in a narrow range of 5120-5200 for the last couple of trading
session.
In case the nifty sustains below the 5120 levels, it would keep facing supply pressure and
could re test support levels of 5090 /5030 / 4950.
A break below 4950 would be negative and trigger further declines to the level of 4890 / 4840.
On the upside the index needs to sustain above the 5200-5235 levels to continue it pullback to
the levels of 5270 / 5330.
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