The NIFTY opened on a negative note on back of weak global cues. Thereafter the index traded
in a narrow range for rest of the session.
The nifty registered an intraday low of 5019 levels and eventually closed the day at 5031 with a gain of 52 points.
With today’s movement the index has closed just below its short term moving average (currently placed at 5036 levels).
Sustenance below the 5036 levels could see a bit more of corrective decline to levels of 5000 / 4970 /4910 levels.
On the upside the index has resistances at the levels of 5070 / 5115 /5160 /5200-5230 (negative gap resistance level).
In case the nifty closes below the 4910 levels, expect downward movement to gain momentum
and index could decline to 4860-4840 /4800 / 4750 levels.
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