The Nifty opened the session on a bearish note on the back of negative cues from its global
peers.
The nifty recorded a low of 4964, before picking up strong momentum towards the end of
the day. The nifty finally closed at 5017, after recording a high of 5030.
Despite the selling pressure witnessed during the initial part of the trading session, the index has
managed to close above its short term EMA (currently placed at 4965 levels), which would act
as an immediate support.
Going forward the index is likely to trade in a range of 4965-4950 on the downside and 5110-5130 on the upside.
In case the nifty closes below the 4950 level, expect a bit more of corrective decline to 4920
/4870 levels.
On the upside 5050 is acting as an immediate resistance level followed by the 5110- 5130 levels.
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