The NIFTY opened the session on a positive note and traded in a narrow range for the initial
period. Buying activity was intensified in the later part of the session which led the index to an
intraday high of 5149 levels.
The index finally closed at 5140 with a gain of 108 points. With today’s movement the index has witnessed a strong pullback from its short term moving averages.
Going forward the index is likely to test its crucial resistance levels of 5200-5230 (negative gap resistance level).
Sustenance above the 5230 would see the index filling up its negative gap and it could head towards the levels of 5270 / 5300 -5320 levels in a short span of time.
On the downside if the index gives any pullback from the current levels, it will garner support at
the levels of 5100 / 5070 /5030 levels.
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