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 very close to a critical resistance of 4960.
Nifty opened positive and built on to its gains to end the day with a gain of 85 points at 4921. Amongst the sectoral indices the BSE Bankex and Oil & Gas indices were the outperformers in today's trade. All the sectoral indices gave a positive close.
Nifty managed to take support near the level of 4800 in past couple of sessions and finally edged higher to end the day with a gain of 85 points at 4921. It is now trading near the level of 4960 which is an important resistance. Should it breach the level of 4960 we may expect a swift upside till 5050 to 5100 in a very short spa of time.
It now has support placed at 4800. As long as it maintains this support the chances of an upside till 5100 remains high. In the event it is unable to sustain above 4800 then we may see further downside till 4700 and lower. However there are some encouraging signs on the charts which indicate that it is likely to trend higher in coming few days.
