Nifty was down to 5,109.60, its lowest closing level since 19
June 2012. The index hit a low of 5,076.60 and a high of 5,121.60 in intraday
trade.
The index shows some degree indecision among the traders:
neither the bears feel very enthusiastic about pushing it further down while
buying at higher levels is rather anemic to really take the market up from the
current levels.....
Now, the index is at a crucial range being very close to the 5100-mark for breaking it down would imply considerable weakness. However, to break the support around the Nifty 5100 level, we need to see very heavy and large volume based selling but once taken out decisively, the market would face an uphill task reclaiming it. 5032-5092 is a critical support band and going below that on closing basis means more pain for bulls
Short-covering can take Nifty to the congestion band of 5169-5196 and strength to be confirmed only above 5225
Now, the index is at a crucial range being very close to the 5100-mark for breaking it down would imply considerable weakness. However, to break the support around the Nifty 5100 level, we need to see very heavy and large volume based selling but once taken out decisively, the market would face an uphill task reclaiming it. 5032-5092 is a critical support band and going below that on closing basis means more pain for bulls
Short-covering can take Nifty to the congestion band of 5169-5196 and strength to be confirmed only above 5225
Resistance 1
|
5120
|
Support 1
|
5090
|
Resistance 2
|
5140
|
Support 2
|
5060
|
Resistance 3
|
5180
|
Support 3
|
5020
|
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