The NIFTY opened the session with a positive gap and registered an intraday high of 5113
levels.
The index shed some of its initial gains and declined to an intraday low of 4993 levels. Buying activity was intensified in the later part of the session which led the index hold on to its intraday gains. The index finally closed at 5040 levels, a gain of 39 points.
The index could take a breather after registering a strong rise of more than 6 % over the last few
days and the levels of 5110 - (being the 38.2 % retracement from 08 July highs of 5740 to 26 August lows of 4720) 5130 could see some supply emerge.
The immediate support for the nifty is placed at levels of 5000 / 4952 (short Term moving average) /4920.
In case the nifty sustains above 5130 levels then it could head higher to the level of 5190 /5230
(negative gap resistance level).
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