Nifty witnessed a very volatile session in today's market and closed with significant falls besides losing support of 4800 level.
• Level wise, closing below the vital 4800 levels may depict strength of the bears in the forthcoming sessions in stock market.
• Broader stock market witnessed weak sentiments, segments, like Large caps, small cap, midcap were under sellers’ grip. Owing to this, bears outnumbered the bulls with significant margin.
• Due to selling Nifty continued to close below its vital 9, 14, 50 & 100 day’s SMA placed at 4914, 4870, 5008 & 5009.
• VIX, the barometer of uncertainty, closed at a higher level of 29+ and indicates a more than average volatility in market in the forthcoming sessions.
• RSI (14) for the session was at 39.86 levels and MACD closed below the signal line.
Stock Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility
Nifty Level For the upcoming session in stock market are
Resistance level 1-4815
Resistance level 2-4870
Support level 1-4717
Support level 2-4656
