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 still above the make or break level of 4850.
Nifty opened negative but recouped some of its losses to end the day with a loss of 26 points at 4924. Amongst the sectoral indices the BSE Realty and IT indices were the outperformers whereas BSE Auto index lost the most.
There was further correction seen in Nifty today and it tested the level of 4883 as an intraday low and bounced back to conclude with a loss of 26 points at 4924. The level of 4850 is an important support for the immediate term. If Nifty manages to sustain above this support of 4850 in the next couple of sessions then we may see a resumption of upside, else we may expect a breach of 4800 and lower. In such a scenario 4700 to 4750 is possible. On the upside the level of 5020 would now serve as an immediate resistance. A move beyond that would confirm an upside till 5100.
