The NIFTY opened on a positive note and registered an intraday high of 5194 levels. The Index
witnessed selling pressure from the higher level which led it to decline to an intraday low of
5053.
The NIFTY eventually closed at 5072 with a loss of 65 points. With today’s movement the index has been given a breakdown below its narrow range of 5120- 5200.
This breakdown suggests that the index is likely to decline towards the next support level
of 5025 / 4950.
A close below 4950 would see the index extending its declines towards the level of 4890 / 4840 in the near term.
The immediate upside seems to be limited to the levels of 5130 /5200-5235 levels, but a close above the 5235 levels, might inject some optimism and one could see the index bounce towards the levels of 5270 /5330.
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