The key domestic indices are likely to witness a subdued opening, as most the major Asian indices were trading on a mixed note amidst ongoing issues in the euro zone. Today, Nifty will face a resistance near 5,050 level and will have a support near the 5,000 mark
The indices have closed at the lower end of the intraday range as the bulls were unable to offer support at higher levels during the session. The intraday range specified for the Nifty between the 5165 / 5000 held as the Nifty kept within these levels, thereby validating our intraday levels. The coming session is likely to witness resistance at the 5100 levels on advances. Support is likely at the 4950 levels. The bullish pivot for the session is likely at the 5095 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 5060 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a larger bodied bearish candle. The poor volumes are a tiny ray of hope but cannot be banked upon as a conclusive signal as markets are known to drift on poor volumes for extended periods of time. For the bulls to overcome the weakness, it is important that the Nifty stays above the 5090 levels intraday with higher volumes and open interest expansion. The Nifty sustaining below the 5060 levels may trigger a fresh bout of declines.
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