As we expected on Friday nifty opened strong with a gap up of about 90 points closer to the mentioned first resistance level. But nifty could not sustain at that high level and fell to fill the initial gap created. For the rest of the day nifty traded sideways in a choppy manner and closed below the previous week’s low.
US market closed very weak with their indices around 3-5% down. Asian markets have opened and trading mixed. Nifty is expected to open flat to mild positive.
On the upper side nifty may find resistance near 2907 or 3003 levels. Similarly on the lower side support exists near 2747 or 2683 levels. A mild pull back can be expected near the first support level with coincides with Fibonacci 50% retracement.
Happy Trading !
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