The Nifty opened on a positive note and registered an intraday high of 5120 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 5037. The index finally closed at 5049 levels with a loss of 41 points.
The index continued to trade in a narrow range of 5000-5170. 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). On the downside a close below the 5000 level could see the declining momentum accentuate to the levels of 4960 /4910 /4880 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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