As we have mentioned nifty made a new low. Once again yesterday was a very volatile day. Nifty opened with a huge gap down of around 150 points and recovered to some extent to test the 3000 mark several times. In the second half of the session nifty managed to break 3000 mark decisively and gave a very strong pull back which took nifty in the positive region and made the day’s high at 3085. But nifty short lived in the positive region and made a nose dive towards the day’s low after making a double top pattern. Nifty closed below 3000 level in a disappointed manner at 2943 which also damaged the sentiment among the investors.
The US market saw a very volatile session and closed with a mixed note. DOW and S&P500 are up by 2% and 1.26% respectively. Asian markets also opened and trading weak with a negative bias. Nifty is expected to open flat to mild negative.
For today on the lower side nifty may find support near 2879, 2865 or 2815 levels. Similarly on the upper side resistance exists near 2982 or 3046 levels. As it was mentioned in the earlier note that the support level of 2865 which is also the weekly support level may resist 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. We have to wait and watch whether nifty will manage to close above last week closing level of 3074.
Happy Trading !
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