The NIFTY opened the session with a negative gap on back of weak global cues.
Thereafter the index traded in a narrow range of 4825-4875 for the rest of the session.
The Nifty finally closed at 4849 with a loss of 93 points. With today’s movement the index has registered a close below its support level of 4900 levels.
Going forward if the index sustain below the 4825-4800 levels then it could decline towards its recent swing levels of 4760 /4720 levels. On the upside the index has resistances at the levels of 4900 / 4940 levels.
A close below the recent swing low of 4720 levels would accentuate the declining momentum towards the level of 4675 /4600 levels.
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