The Nifty opened on a negative note and plunged to an intraday low of 4758 levels. The NIFTY
lost more than 100 points during the early part of the day’s trade.
The index witnessed a pullback from the lower levels and finally closed at 4835 levels with a loss of 32 points.
The index continued its downward movement after witnessing a breakdown from its crucial
support levels of 4910-4900 levels.
The index has managed to achieve its downside target of 4840 /4800 /4750 (intraday basis). Going forward the index is likely to witness a volatile trading session in the coming session, wherein it is likely to trade in a range of 5025 on the upside and 4720 on the downside.
The intraday resistances are placed at 4910 followed by the 4970 / 5025 levels. A close below the recent swing low of 4720 levels would accentuate the declining momentum towards the level of 4675 /4600 levels.
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