On Friday as per our expectation nifty opened with a mild positive note which was pulled back in no time towards its previous day closing level. During the first 15 minutes nifty made the day’s high at 3336 and has not breached our resistance level of 3365. Nifty made a sideways movement till the first half of the session which is followed by a unidirectional move, which was nothing but downward movement and there was no turning back to close at the day’s low once again. Nifty closed at 3046 which is almost at the mentioned weekly support level of 3045.
The US market on Friday after a volatile intraday closed mildly negative to confirm its non-genuinity of the Thursday’s last hour strong pull back which resulted in 4-5% gain. Asian markets have opened and trading with a positive bias. Nifty is expected to open flat to mild positive. Even a gap up opening of 50-100 points cannot be ruled out.
As our market is almost oversold some intraday bounce back may be expected. In the daily chart nifty is entering into the oversold region and same may be over in couple of sessions after which nifty may take support and give a pull back. For today on the lower side nifty may find support near 2969 or 2921 levels. Similarly on the upper side resistance exists near 3152, 3189 or 3258 levels. Also 3000 level in nifty may provide some psychological support. The weekly support exists at 2865 & 2655. If ongoing bear run has to be similar to that of 2000-2002 bear run nifty has to fall till 2550 to take support and followed by a pull back, let us wait and watch.
Happy Trading !
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