The Nifty opened the session on a bearish note on the back of negative cues from its global peers and then traded in a narrow range for most part of the day. The nifty recorded a low of 5034, before staging a comeback to move up to a high of 5099. The nifty eventually closed the day at 5092 with a loss of 47 points.
The index has been trading in a range of 5000-5170 in the last few sessions. As long as index
remains in this range, we are likely to witness a volatile and choppy trading sessions. On the
upside the index has immediate resistance at 5170 (recent swing top) above which it is likely to test the level of 5230 (Negative Gap resistance (level). In case the nifty fails to get past 5170, it would keep facing supply pressure and could re test the support of 5060/5020 levels.
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.
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