The NIFTY opened on a tentative note and traded in a narrow range for the initial period. The
nifty recorded a low of 4917, before staging a comeback to move up to a high of 5026.
The nifty eventually closed the day at 5012 with gain of 71 points. With today’s movement the nifty has managed to bounce back from its neckline support level of 4910.
Going forward the index needs to closed above the 5050 levels to negate the bearish head
and shoulder pattern (Intraday chart) and then it could head towards the level of 5100 /5160.
Failure to close above 5050 level could see the index trading in a range of 5050 on the upside
and 4910 on the downside.
A break below the 4910 level could see the bearish head and shoulder taking its effect and then the index could decline towards the levels of 4860-4840 /4800 /4750.
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