As expected nifty opened weak and traded volatile during the day. Nifty made the day’s low of 2985 which is almost same as the mentioned support level of 2984. Nifty closed with a strong rally during the last hour of the trading in view of US elections.
The US market closed strongly in view of Election Day and following this Asian markets also trading strongly. In line with US and Asian markets nifty is expected to open positive. 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 3201 or 3260 levels. Similarly on the lower side support exists near 3034 or 2926 levels. Closing above 3234 may bring more strength to the nifty. Having nifty and other important index stocks entered the overbought region profit booking can be expected in any time.
Happy Trading !
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