The Nifty opened the session on a positive note and registered an intraday high of 5078.
Thereafter 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 4932 levels and finally closed the session at the 4944 levels with a loss of 112 points.
In our previous update we had mentioned that a break below the 5015 level could see the index
re testing its recent swing low levels of 4950 and the nifty did that.
Sustenance below the 4950 levels could start a fresh round of decline, which could take the index to the 4890 / 4840 / 4800 levels in the near term.
Any pullback from the current level is likely to face stiff resistances at the levels 5010 / 5040
levels.
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