The Nifty opened the session with a negative gap and plunged to an intraday low of 4911 levels.
The NIFTY lost close to 150 points during the early part of the day’s trade.
The index witnessed a pullback from the lower levels and finally closed at 4946 levels with a loss of 112 points.
In our previous update we had mentioned that a sustenance below the 5050 level ( Short Term
Moving average ) could start a fresh round of decline, which could take the index to 5000-4990 /4960-4940 levels and the nifty did that, thus meeting our all targets.
Going forward the index is likely to gain momentum on the downside once it sustains below the 4900-4890 levels and then could test the following levels: 4860-4840 / 4800.
On the upside the index has immediate resistance at the 4985 levels, above which the index is
likely to fill up its negative gap and could head towards the levels of 5050.
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