The NIFTY opened the session on a strong positive note and traded in the range of 5096—5124 levels. After a strong opening the index witnessed a sideways movement in the intraday session and picked up strong momentum towards the end of the day. The index finally closed near its high of the day at 5139 levels with a gain of 101 points.
The index today witnessed sharp pullback and has managed to close above its mid term moving average. The index is now trading near to its recent swing top of 5170 above which it could head towards the level of 5200-5230 (Negative gap resistance level). In case the index fails to move above 5170 level then it could be confined in the range of 5170 on the upside and 5000 on the downside.
Sustenance above the 5230 level could see the index filling up its negative gap and the index could head towards the level of 5270 / 5330 in a short span of time.
No comments:
Post a Comment