The NIFTY opened on a positive note and registered an intraday high of 5136 levels. The Index witnessed profit booking from the higher level which led it to decline to an intraday low of 5067 levels. The nifty finally closed at 5077 with a loss of 21 points.
It is to be noted that the index has recovered almost 350 points from the lows of 4728 levels which have stretched the daily momentum indicators higher. So we expect the nifty might take a breather for the upcoming session. ON the upside the index has resistances at the levels of 5170 /5200-5025 levels (negative gap resistance level).
Any decline from current levels would garner strong support in the range of 5010-4970 levels as
the cluster of short term averages are place in this range.
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