Yesterday nifty opened weak neglecting to take the cue from the US market. The intraday movements are market with volatile sharp ups and downs which are not abnormal during the expiry weeks. Every rise close to our mentioned resistance level got liquidated by selling pressure. Overall it was a choppy narrow band volatile session.
Once again US market closed strongly with their indices around 5-7% up on the news about bailout of Citigroup and following this Asian markets also have opened and trading strongly in positive region. Nifty is also expected to open positive positively with a gap up. Intraday volatility may be anticipated for the day as this being the expiry week.
On the upper side nifty may find resistance near 2754 or 2800 levels. Similarly on the lower side support exists near 2648 or 2588 levels. The ongoing pull back may be expected to continue at least for a day or two. It is to be noted that any strong pull back may find resistance near 2832- 2852 levels.
Happy Trading !
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