Making four weak candles continuously, today Nifty withstood against selling pressures further and closed on green note. Nifty formed a big bullish candle, which needs to be confirmed by next session’s movement to have any indications about possible reversal. After a positive opening, Nifty successfully held onto its gain and regained its sentimental level of 4880. Inline to a good show, Bulls managed to prove their supremacy over bears to regain the full control of the market and because of this, Indices closed with positive market breadth. In today’s session, Nifty not only regained its vital support of 4880 but also closed above the vital supports of 9 day’s SMA placed at 4886. Despite a good bounce, Nifty closed below 14, 50 & 100day’s SMA placed at 4934,5066and 5290. These levels may be the new ranges in forthcoming sessions. Buying was evident in Large Caps, small cap & mid cap and most of the Sectoral indices too closed on firm note. In today’s session, VIX, the barometer of uncertainty, though corrected yet closed at a very high level of 33.02, indicating a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.59 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
Resistance 1 - 4953
Resistance 2 - 5044
Support 1 - 4822
Support 2 - 4776
