As expected nifty opened very strongly with more than 100 points gap up. Though there was a intraday volatility the last hour of trading was marked by a strong upward momentum towards the day’s high of 3062 which was very close to our mentioned resistance level of 3059 for the day.
The US market closed almost flat ahead of elections and Asian markets are trading with mixed signals. Expect nifty to open weak may be flat or mild movement on either directions. Intraday volatility may be expected for the day. This ongoing pullback rally may be on for couple of sessions after which nifty has to take some rest by a corrective move.
On the upper side nifty may find resistance near 3083 or 3122 levels. Similarly on the lower side support exists near 2984 or 2924 levels. Have a close watch if nifty breaks 3000 and 2950 levels as it may bring more weakness.
Happy Trading !
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