The NIFTY opened on a positive note and registered an intraday high of 5006 levels. The Index witnessed profit booking from the higher level which led it to decline to an intraday low of 4918.
The nifty finally closed at 4945 with a loss of 25 points. The Nifty consolidated its gain after it witnessed a sharp rally of more than 2 % during yesterday’s session.
The index has closed below its short term moving average placed 4962 levels and a sustain move above this level could see the index continuing its upward movement
and could test the levels of 5000 -5025 / 5070 (negative gap resistance) levels.
On the downside the index has immediate support at the 4905 levels followed by the 4875 /4830 levels.
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