As expected yesterday nifty opened weak with a 100 points gap down. During the day nifty traded very weak, every intra day pull backs got sold off like a hot cake. Nifty went very close to the year low of 3047 and made day’s low at 3052. During the downward journey during the day nifty has shattered all the important support levels, but it closed exactly at our mentioned support level of 3065. Whatever gain nifty made on Wednesday was given back yesterday. Failure to hold 3200 level is definitely is not a good sign.
The US market broke all the major support levels yesterday and closed with a very negative note with their indices down by about 4-6% down. Asian markets also opened and trading very weak. Nifty is expected to open negative. Its almost sure that nifty is going to make new low in the opening itself. Breaking the 3000 level will definitely damage the sentiment.
For today on the lower side nifty may find support near 2999, 2934 or 2865 levels. Similarly on the upper side resistance exists near 3183 or 3256 levels. In any case the mentioned support level of 2865 which is also the weekly support level should contain nifty’s downfall. As nifty is in the oversold region for a very long time, in any time it can give a very strong pull back.
Happy Trading !
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