After making a positive candle in last session, today Nifty exhibited its weakness and closed on red note. Nifty failed to maintain not only a positive closing, but also lost its sentimental level of 5000. Inline to a weak show, Bears maintained their supremacy over bulls to regain the full control of the market and because of this, Indices closed with negative market breadth. In today’s session, Nifty not only lost its vital supports of 4980 and 5000 but also closed below the vital supports of 9 & 14day’s SMA placed at 4975 and 4994. 50 &100 day’s SMA levels were recorded at 5129 & 5318 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Selling was evident in Large Caps, small cap & mid cap and most of the Sectoral indices too closed on weak note. In today’s session, VIX, the barometer of uncertainty, closed at a little corrected level of 31.94, but it still indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.46 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation in forthcoming session.
Nifty level for Today
Resistance1-4984
Resistance2-5067
Support1-4851
Support 2-4717
