For the upcoming sessions, we believe sentiments remain gloomy though next resistance zone could be around 5,050-5,070 where we might see sort of profit booking. Any successful closing above this range with decent volumes may reap indices towards 5,255-5,260 are advised to remain cautious,``
On the flip side any negative outcome from global markets may drift indices towards 4,800-4,830 where we might see some some support. Any fall below this level may further dampens the current scenario however 4,680-4,700 could be very crucial to watch
The indices have closed at the upper end of the intraday range as the bulls were able to offer support at higher levels during the session. The intraday range specified for the Nifty between the 5000 / 4850 was marginally overcome on the upside as the Nifty tested the 5016 levels, thereby exceeding our intraday counts on the upside. The coming session is likely to witness resistance at the 5060 levels on advances above which the secondary target would be 5125 levels (a low probability event). Support is likely at the 4950 levels below which the 4865 levels maybe tested. The bullish pivot for the session is likely at the 4985 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 4955 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 smaller bodied bullish candle, indicating the bulls encountering overhead supply in case of upthrusts. That the rally was achieved on higher volumes is a sign of mild optimism, but the two day holiday window period and the weekend factor can curtail buying enthusiasm. Staying above the 4985 level with higher volumes and open interest will see the bulls getting a chance to markets higher intraday. The Nifty sustaining below the 4955 levels may trigger a fresh bout of declines.
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