Much awaited correction resulted yesterday, nifty going down with gap, whether is a result of profit booking or extension of global weakness, will be unfolded in the coming 2 to 3 days movement of indices. US markets bounced back overnight with 1% raise and SGX is indicating opening of Nifty in positive territory.
Nifty having created a gap down and broke important supports like 5020 and closed below it, though on closing basis held 5000 psychological level, shall turn volatile from now on. Watch level of 4904 for larger support in case of any further or sudden weakness, from where it turned up and made a new high for 2009 at 5110. As long as 5000 is held on closing basis the bullishness continues, with a possibility of Nifty making fresh highs, as Higher Highs and Higher Lows structure is not disturbed in the entire rally till now.
Nifty Range for the Day: 4950 - 5000 - 5050 - 5100.
1 comment:
Sir,
4950 is broken what is the next level?
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