The Nifty opened the session on a negative note and plunged to an intraday low of 4942 levels.
The nifty witnessed a strong bounce from the lower levels which led it to an intraday high of 5072 levels. The nifty finally closed at 5064 with a gain of 47 points.
It is to be noted that the index has once again managed to bounce back from its short term moving average (as shown in the chart above). Going forward the index is likely to test its key resistance level of 5110- (being the 38.2 % retracement from 08 July highs of 5740 to 26 August lows of 4720) 5130. Sustenance above 5130 levels could see the index head higher to the level of 5190 /5230 (negative gap resistance level).
Failure to close above 5110-5130 levels could see the index confined in a range of 5130 on the upside and 4950-4940 on the downside. The immediate support is place at 5030 levels followed by the 4988 (short term moving average) / 4950-4940 levels.
The nifty witnessed a strong bounce from the lower levels which led it to an intraday high of 5072 levels. The nifty finally closed at 5064 with a gain of 47 points.
It is to be noted that the index has once again managed to bounce back from its short term moving average (as shown in the chart above). Going forward the index is likely to test its key resistance level of 5110- (being the 38.2 % retracement from 08 July highs of 5740 to 26 August lows of 4720) 5130. Sustenance above 5130 levels could see the index head higher to the level of 5190 /5230 (negative gap resistance level).
Failure to close above 5110-5130 levels could see the index confined in a range of 5130 on the upside and 4950-4940 on the downside. The immediate support is place at 5030 levels followed by the 4988 (short term moving average) / 4950-4940 levels.
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