Nifty exhibited a very busy show and witnessed yet another negative closing. After two big bearish candles, today Nifty formed one DOJI star pattern, which may indicate about reversal of ongoing bearish trend in today's nifty. Nifty, though closed with modest cut, yet it breached the lower support level of 5000 after regaining it in intraday session. Volumes were thin and apparently buying momentum has faded and Nifty may be in bearish phase till it crosses vital resistances of 5050 and 5000. Because of a weak show, Nifty tumbled down below the vital levels of 9 & 14 day’s SMA placed at 5039 & 4978 besides closing below the vital support levels of 50 &100 day’s SMA placed at 5290 & 5407 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 flat positive market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 32.77, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 41.13 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness some consolidation .
Nifty Level
Resistance 1-5009
Resistance 2-5080
Support 1-4890
Support 2-4841
Nifty Level
Resistance 1-5009
Resistance 2-5080
Support 1-4890
Support 2-4841
