Nifty exhibited a weak and volatile show amidst weak volumes and discontinued its positive momentum of last few sessions. Amidst higher volatility, though Nifty pared most of its earned gains but despite an extended instance in red, it managed to save its vital support of 5000 level. This may motivate latent buying and recovery sentiments in coming sessions. In today’s session, Nifty not only lost the vital support of 5050, but also closed below it vital support of 9 day’s SMA placed at 5048. Nifty, however, closed the session above the vital resistance of 14 days’ SMA placed at 5034. Vital 50 &100 day’s SMA levels were also placed at 5243 & 5375 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. All-round selling in Large cap, small cap & mid cap forced Bulls to yield control to Bears, because of which, Indices closed with negative market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 29.60, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 47.14 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation with some negative spikes
Nifty Resistance
R1-5055
R2- 5072
S1-5009
S2-4962
