On Friday nifty finally gave a much insisted surprise pull back which was pending for the last 3-4 sessions. Nifty opened almost flat and then increased up to 2660 levels where it faced the selling pressure which has bought nifty to the previous day’s closing level. Near the previous day’s closing level nifty bounced very strongly and there was no looking back which eventually took nifty to close at the day’s high of 2718. The strong pull back may be purely attributed to short covering in the futures.
US market on Friday closed strongly with their indices around 5-7% up in the last hour rally. Surprisingly today Asian markets also have opened and trading weak in negative region. Nifty is expected to open flat to mild positive. Intraday volatility may be anticipated for the day.
On the upper side nifty may find resistance near 2761 or 2829 levels. Similarly on the lower side support exists near 2583 or 2472 levels. The ongoing pull back may be expected to continue at least for a day or two. It is to be noted that the weekly resistance for nifty remains at 2852 levels.
Happy Trading !
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