Nifty exhibited a very busy show and witnessed a good closing after a gap of last three sessions. After yesterday’s DOJI star pattern, Nifty formed one bullish candle, which may require confirmation about reversal of ongoing bearish trend. Nifty, though closed with good gains, yet it regained the vital support of 5000, after losing it in previous session. Volumes were good and apparently buying momentum was visible and Nifty may be in bearish phase till it crosses vital resistances of 5050. Because of a good show, Nifty overcame the vital resistance of 14 days’ SMA placed at 4983 but closed below the vital support levels of 9, 50 &100 day’s SMA placed at 5040, 5277 & 5398 levels; this may be the new resistances in forthcoming sessions. Modest buying in small cap & mid cap supported Bulls to snatch control from bears, because of which, Indices closed with positive market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 32.45, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.95 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness some positive spike.
Nifty Level
R1-5053
R2-5094
S1-4944
S2-4876
