A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading session
Nifty yet to clear the level of 4960 to confirm a change in trend.
Nifty opened positive but immediately gave back all its gains and slid in the red to end the day with a loss of 39 points at 4866. Amongst the sectoral indices the BSE IT and Teck indices were the outperformers whereas BSE Metal index lost the most.
Despite a positive start and coming within striking distance of the resistance of 4960, Nifty was unable to cross the level and we witnessed severe selling pressure throughout the day. It finally concluded the day with a loss of 39 points at 4866. It is now placed near a critical short term support of 4820. If the trend has to reverse Nifty should not breach the level of 4820 and trend higher but unless the level of 4960 is conquered a trend change for short term would not be confirmed.
If Nifty does not clear the level of 4960 and breaches 4800 then we may see the prevalent downside continue till 4750 and lower. In the absence of a confirmatory buy signal we recommend a wait and watch approach till Nifty trades below 4960.
