ON the day of expiry The NIFTY opened on a negative note and traded in a narrow range for the initial hours.
The nifty recorded a low of 4906, before picking up strong momentum towards the
end of the day.
The nifty finally closed at 5015, after recording a high of 5034. After a day of consolidation the index continued its upward movement and has closed above the
5000 levels.
Going forward the index is likely to test its immediate resistance placed at 5060
levels (negative gap resistance level).
Sustenance above the 5060 levels could see the index heading towards the target of 5110 /5170.
In case the nifty fails to get past the resistance of 5060 then it could be confined in the range of 4900 on the downside and 5060 on the upside. The intraday supports for the index are placed at 4980 /4930 /4900 levels.
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