The NIFTY opened on a positive note and registered an intraday high of 4827 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4741.
The Nifty finally closed at 4751 with a loss of 20 points. Despite the selling pressure the index has managed to close above its crucial support level of 4720 levels.
Going forward only a sustained move below the 4720 would start a fresh round of decline which would accentuate the index towards the level of 4675 /4600 levels.
In case the Nifty hold the 4720 level then it could be confined in a range of 4720 on the downside and 4920 on the upside. The intraday resistances are placed at 4825 /4880 /4920.
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