The NIFTY opened the session on a negative gap on back of weak global cues. 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 4907 and finally closed at the 4923 level with a loss of 209 points.
The most important observation is that the nifty has closed near to its support levels of 4910-
4900 .
This is a very critical level (as it comes out as a support zone on multiple factors) and we believe that the chances of nifty holding out here are by far the best.
If the nifty sustains below 4900, expect the decline to accelerate to levels of 4860 /4800 or even test its recent swing low level of 4720.
On the upside, the immediate short term upside seems to be limited to levels of 4970 /5025 levels.
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