The NIFTY opened the session on a positive note and registered an intraday high of 4962 levels.
The Index witnessed selling pressure from the higher level which led it to decline to an intraday
low of 4875.
The NIFTY finally closed at 4888 with a loss of 60 points. After two session of pullback from the lows of 4800 levels the index witnessed selling pressure near to the short term moving average currently placed at 4969 levels.
We have discussed in our previous update that the index has been facing stiff resistance at the short term moving average since the fall from 5500 levels.
Tomorrow being the expiry day for the F-O segment we might witness a volatile trading session where in the nifty might trade in a range of 4800 on the downside and 4970 on the upside.
The intraday resistances are placed at the levels of 4930 /4970 followed by the 5000-5020 levels.
On the downside the immediate support for the index are placed at 4860 and 4800 levels.
Sustenance below the 4800 levels could start a fresh round of decline, which could take the index
to the 4740 /4700-4690 / 4650 in the near term.
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