Nifty made a big bullish candle in today’s session and broke the jinx of lower lows and lower high patterns, continued for last seven sessions. Despite a very intelligent up move, Nifty needs to confirm today’s bullish candle in coming sessions. As market was flush with buying sentiments in heavyweights, not only it closed the session, nearing session’s high point, but we may also witness some actions in forthcoming sessions. On account of buying dominance, Bears were outpaced by bulls to gain full control of the market and because of this, buyers may get strength in coming session. In today’s session, Nifty overcame its vital resistances of 4900 and 4960. Despite a good show, Nifty closed below the vital supports of 9 & 14day’s SMA placed at 5007 and 5014. 50 &100 day’s SMA levels were recorded at 5166 & 5335 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Buying in Large Caps, Small cap & Mid cap boosted 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 32.01, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 46.42 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness limited upward movement in forthcoming session.
Today's Levels For Nifty
Resistance 1: 5000
Resistance 2: 5070
Support 1: 4947
Support 2-4894
Today's Levels For Nifty
Resistance 1: 5000
Resistance 2: 5070
Support 1: 4947
Support 2-4894
