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 now has support at 4960.
Nifty opened positive but all the gains of the morning were dissolved and it ended the day deep in the red with a loss of 74 points at 5064. Amongst the sectoral indices the BSE Bankex and Realty indices were down the most whereas BSE CD index was the only one to close in the green.
Nifty edged higher in the first half of the session and tested a high of 5189. However it immediately reversed the gains and ended with a loss of 74 points. We had an upside target of 5200 for Nifty however it fell short of the same by 11 points. Nifty now has a support placed at 4960 to 5000 range. If the upside that started since 4770 has to sustain then it must hold this support range and stage an impressive recovery to retest the recent high of 5189 and move beyond that.
However in the immediate term there is a likelihood of further decline till the support range of 4960 to 5000. The level of 4840 is a critical level to watch out for as it is a trend reversal level for Nifty. On the upside the level of 5100 would now serve as a stiff resistance for Nifty in tomorrow's trade.
