Nifty opened weak as we had expected with a big gap down. As we had indicated nifty traded very volatile during the day with lot of choppiness in the intraday trend. After lot of ups and downs during the day nifty closed close to the day’s low.
US market closed positive after the last hour pull back with their indices around 1-2% up. But Asian markets have opened and trading in negative region. By considering the way nifty closed yesterday we can expect nifty to open flat to mild negative. But by considering the fact that nifty closed negative consecutively for the last 5 trading session nifty opening and closing in the positive region cannot be ruled out also.
On the upper side nifty may find resistance near 2748 or 2813 levels. Similarly on the lower side support exists near 2641 or 2599 levels. As we had indicated from the previous notes itself that the indices have entered oversold region, nifty may give a surprise pull back anytime.
Happy Trading !
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