Nifty opened mild positive as we had expected and fell into the negative region in no time. Nifty breached the important Fibonacci support level with ease and made the day’s low very close to our mentioned support level of 2683 from where it had bounced very sharply with a great momentum which took the nifty into the positive region. At the end of the day nifty closed with mild negative.
Once again US market closed very weak with their indices around 2-3% down in fear or recession worries. Asian markets have opened and trading weak. Nifty is expected to open flat to mild negative. Intraday volatility can be expected for the day.
On the upper side nifty may find resistance near 2859 or 2918 levels. Similarly on the lower side support exists near 2717 or 2635 levels. Today it will be decided whether nifty will continue its pull back trend which started in the second half of yesterday’s session or move downwards to test our second support level. With yesterday’s move nifty has entered the oversold region and a pull back may come in anytime.
Happy Trading !
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