Nifty has resistance between 5,255-5,270
`At last positive global sentiments gave a feel of relief in yesterday`s session though spot index unable to maintain its tops at the close. For the upcoming sessions we believe sentiments remain gloomy though possibility of bounce back couldn`t be rule out however we believe 5,255-5,270 could be the key resistance zone
On the flip side any negative outcome from global markets may dampens the traders sentiments and we might see below 4,900 level in remaining sessions of the week though next level of support could be around 4,745-4,760 where we might see some suggestive buying.
The optimism at Wall Street was largely injected at
Meanwhile, the 50 share index on NSE-Nifty gaining over 50 points ended over 5,100 level. However, the broader indices doing well outperformed the larger counterparts and went home with gains of over 2%. The market breadth on the BSE ended positive; advances and declining stocks were in a ratio of 2071:806 while 108 scrips remained unchanged.
The indices have closed at the median point of the intraday range as the bulls were able to offer support at lower levels during the session, aided by bear covering. The intraday range specified for the Nifty between the 5200 / 5000 held as the Nifty retraced from the 5198 levels, thereby validating our intraday levels. The coming session is likely to witness resistance at the 5200 levels on advances above which the 5255 maybe tested. Support is likely at the 5110 levels below which the 5050 maybe tested. The bullish pivot for the session is likely at the 5175 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 5150 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 gap up candle, which was filled intraday and the 5100 - 5110 area (the point of conflict between bulls and bears advocated recently) overcome for now. As long as the bulls keep the Nifty above the 5175 threshold, the bears will be forced to cover shorts. The anticipated pullback occurred, though the volumes were lower than optimal. That makes the sustainability of the upthrust suspect. The Nifty sustaining below the 5150 levels may trigger a fresh bout of declines.
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