The Nifty opened the session on a tentative note and registered an intraday high of 5163 levels.
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 5046 levels and finally closed the session at the 5059 levels with a loss of 93 points.
The Index today failed to sustain above the 5110-5130 levels and in the process has also closed
just above its short moving average currently placed at 5050 levels.
Sustenance below the 5050 levels could start a fresh round of decline, which could take the index to the 5000-4990 / 4960- 4940 levels in the near term.
On the upside the index has immediate resistance at the 5110 levels followed by the 5160 / 5190 /5230 (negative gap resistance level).
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