As expected nifty opened positive in line with the Asian markets with a gap up. As we had mentioned after breaking our first resistance level of 3035 in the initial hour of trading there was no turning back and eventually nifty closed at the day’s high for the day breaking all the resistance levels with ease.
US market closed weak with their indices around 1-2% down on the economic worries. Asian markets have opened and trading in negative region. Nifty is expected to open weak inline with the global markets and even a gap down of 50-100 points cannot be ruled out.
On the upper side nifty may find resistance near 3189 or 3253 levels. Similarly on the lower side support exists near 3056 or 2963 levels. Closing below 3000 level may bring more weakness to nifty which can eventually take it to near 2860 levels. The genuinity of the up moves in the past will be tested this week.
Happy Trading !
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