The NIFTY opened on a positive note and registered an intraday high of 5132 levels. The Index
witnessed selling pressure from the higher level which led it to decline to an intraday low of
5015.
The NIFTY eventually closed at 5035 with a loss of 37 points. Despite the strong opening the index failed to trade above its immediate resistance level of 5130 levels.
Going forward the index is likely to decline towards the level of 5110 / 4950 levels (recent swing low) in the near term.
Any pullback from the current levels is likely to face resistances at the levels of 5095 /5130 / 5200.
A close below 4950 would be negative and could see the index extending its declines towards the
levels of 4890 / 4840.
No comments:
Post a Comment