The NIFTY opened the session on a strong positive note and traded in the range of 4922—4960
levels. The index witnessed a sideways movement in the intraday session after a strong opening.
The index eventually closed the day at 4888 levels with a gain of 136 points.
The Index has taken strong support & seems to be making a double bottom at 4720 levels .On
the weekly chart it has shown a reversal bar at this level, suggesting that the bottom is in place.
Going forward the nifty now needs to sustain above 4920 levels, which would give some strength
and a possible test of levels of 4980 / 5025 /5060 levels in the near term.
Any pullback from the current level is likely to garner support at the levels of 4825 /4800 levels
which should be considered as an opportunity to create fresh longs.
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