Today Nifty closed on red note and made modest loss. Nifty formed a small bearish candle and couldn’t complete three soldiers bullish pattern. After a positive opening, Nifty failed to hold onto its gain but maintained its sentimental level of 4960. Owing to good buying in small cap and midcap, 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 though closed weak yet it not only saved its vital support of 4920 but also closed above the vital supports of 9 & 14 day’s SMA placed at 4902 &4918. As per ongoing trends, Nifty closed below 50 & 100day’s SMA placed at 5042 and 5280. These levels may be the new ranges in forthcoming sessions. Buying was evident in small cap & mid cap but most of the Sectoral indices pared morning gains, this may be a cause of worry in coming sessions. In today’s session, VIX, the barometer of uncertainty, though corrected yet closed at a very high level of 30.30, indicating a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 50.19 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some range bound movements in forthcoming session.
Nifty level
Resistance 1-5039
Resistance 2-5078
Support1-4964
Support 2-4850
