The nifty opened the session on a positive note on back of strong global cues. The index maintained its strength throughout the day and registered an intraday high of 4982.
The Nifty finally closed at 4971, a total gain of 135 (2.8 %) points. The index continued its strong rebound that was witnessed during the latter part of the
yesterday’s sessions.
The nifty now needs to sustain above 4969 (Short Term Moving average), which would give some strength and a possible test of levels of 5025 or even 5070 (negative gap
resistance).
On the downside the index has supports at the levels of 4930 / 4900 / 4870 / 4835.
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