The NIFTY opened on a tentative note and traded in a narrow range for the initial hours.
The nifty recorded a low of 4808, before picking up strong momentum towards the afternoon session.
The nifty finally closed at 4898, after recording a high of 4910. After witnessing a sharp fall of more than 250 points in the last two sessions the index today hasgiven a technical pullback The nifty now needs to sustain above 4930 levels , which would give some strength and a possible continuation of the pullback to the levels of 5000-5020.
In case the nifty fails to get past 4930, it would keep facing supply pressure and could re test its immediate low of 4800 levels.
A break below 4800 would be negative and trigger further declines to the level of 4740 /4700-
4690 / 4650 in the near term.
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