The NIFTY opened the session on a positive note and registered an intraday high of 5112 levels.
However the selling returned at the higher levels which plunged the index to an intraday low of
5017.
The NIFTY witnessed pullback from the lower level and eventually closed at 5056 with a
gain of 20 points.
The index has been trading in a narrow range of 5015-5130 for the last couple of trading session.
In case the nifty sustains below the 5015 levels, it would keep facing supply pressure and could re test its recent swing low levels of 4950.
A break below 4950 would be negative and could trigger further declines to the level of 4890 / 4840.
On the upside the index needs to sustain above the 5130 levels to continue it pullback to the
levels of 5200-5235.
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