On Wednesday nifty opened weak as expected with a gap down of about 50 points. Nifty tested our first support level during the initial hours and strongly rebound from the same and was trading sideways in a choppy fashion till the first half of the session. In the second half nifty decisively broke the crucial support of 2866 and fell sharply towards 2800. Nifty managed to recover a bit from its day’s low and closed near the crucial support level.
US market rallied massively and closed very strong with their indices around 6-7% up. Asian markets have not failed to follow the US market and opened strongly positive. On the backdrop of good global cues and more importantly very good IIP and inflation numbers expect nifty is expected to open positive most probably with a gap up.
On the upper side nifty may find resistance near 2951 or 3053 levels. Similarly on the lower side support exists near 2808 or 2747 levels. The genuinity of rally in the US market may be tested in days to come.
Happy Trading !
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