The NIFTY opened the session on a positive gap and then traded in a narrow range for most part
of the day.
The nifty recorded a low of 4927, before staging a comeback to move up to a high of 5016. The nifty eventually closed the day at 5001 with gain of 81 points.
The index has witnessed a strong pullback of more than 250 points in last two sessions. This
pullback has helped the index to trade above its short term moving average (currently placed at
4927 levels), which has been acting as a strong resistance in the recent up moves.
Going forward the index has immediate resistance placed at the 5030 levels, above which the index
could head towards the levels of 5080 /5125.
On the downside supports are placed at 4960 / 4927 (short term moving average) / 4870 levels.
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