As we were expecting, yesterday nifty opened gap up and showed some genuine pull back in line what we had mentioned in the last update. Due to high volatility the intraday chart was very choppy. During the day nifty moved up with a positive bias and closed near the day’s high. The weekly pivot point of 3256 offered a strong resistance for nifty to move further on the upside. There was strong pull back recorded in important nifty stocks like Reliance Industries, etc. which is a positive sign for the market.
The US market opened weak closed with a very negative note. US market indices also recorded a volatile, choppy trade yesterday and most of damage was done in the last hour of trading to close around 2-4% down. Asian markets also opened and trading with a negative bias. Nifty is expected to open flat to mild negative.
For today on the lower side nifty may find support near 3202, 3189, 3149 or 3065 levels. Similarly on the upper side resistance exists near 3287, 3320 or 3347 levels. It is important for nifty to close above 3200 level to keep the upward momentum intact. Nifty is expected to experience a strong resistance near 3330-40 levels and breaching of same may propel nifty to higher levels.
Happy Trading !
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