As per our yesterday’s notes heading, the first half session was dominated by panic set in among the traders which had pulled the market to the new 2008 low of 3100. In the second half session traders are taken by surprise by the massive recovery which had pulled the nifty very close to its day before yesterday’s closing level. In the last 30 minutes there was a sharp decline of almost 70-80 points and whether it has any meaning can be confirmed by today’s market action.
The US market registered a strong rally in the last hour of the trading to close around 4-5% up though there was intraday volatility. The genuinity of the last hour pull back in US market will be tested and confirmed in couple of sessions in days to come. Asian markets have opened and trading mixed. Nifty is also expected to open flat to mild positive.
On the lower side nifty may find support near 3199 or 3137 levels. Similarly on the upper side resistance exists near 3365 or 3438 levels. The weekly support exists at 3045. For any significant change in trend direction, nifty has to close above 3462.
Happy Trading !
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