The NIFTY opened on a tentative note and registered an intraday high of 5025 levels.
The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4924 levels.
The Nifty finally closed at 4943 with a loss of 72 points. The overall movement of the index is currently in the broader range of 4750- 5200 levels.
As long as the index remains in this range we are going to witness choppy and volatile moves in the either direction.
Going forward, the next immediate resistance is placed at 5060 levels. A sustained move past this level would see the index rallying to the next level of 5110 /5170-5200 levels.
On the downside the index has been taking good support at the 4900 levels for the last few session. Hence, these levels should be taken into consideration as crucial support.
A close below the 4900 could see the index declining towards the levels of 4830 / 4750 levels.
No comments:
Post a Comment