After making a weak candle in last session, today Nifty exhibited its weakness further and closed on red note. Thus three bearish signals continuously, which denotes a short term weakness in our markets. Nifty failed in originating any recovery rally and thus lost its sentimental level of 4800. Inline to a weak show, Bears maintained their supremacy over bulls to regain the full control of the market and because of this, Indices closed with negative market breadth. In today’s session, Nifty not only lost its vital supports of 4800 and 4860 but also closed below the vital supports of 9 & 14day’s SMA placed at 4903 and 4971. 50 &100 day’s SMA levels were recorded at 5099 & 5304 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Selling was evident in Large Caps, small cap & mid cap and most of the Sectoral indices too closed on weak note. In today’s session, VIX, the barometer of uncertainty, closed at a very high level of 37.19, but it still indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 37.04 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation in forthcoming session.
Nifty level for tomorrow Live Nifty Market :
Resistance 1-4827
Resistance 2-4853
Support 1-4721
Support 2-4704
