As expected nifty opened very weak with a gap down of about 100 points. During the intraday nifty tested our support level of 2864 couple of times and in the second half of the session it gave a surprising sharp up move to fill the initial gap created and fell in no time with the same speed with which it had increased. Nifty closed near our first support level of 2898.
The US market closed very weak yesterday also and most of the indices lost almost 5% once again. Asian markets also opened and trading very weak. In line with US and Asian markets nifty is expected to open weak.
On the upper side nifty may find resistance near 2979 or 3065 levels. Similarly on the lower side support exists near 2834 or 2747 levels. Breaching and closing below 2747 may bring more weakness to the nifty and can move towards 2630. Most of the Index stocks are still closely in the overbought region. Intraday surprises may be expected for the day.
Happy Trading !
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