Yesterday Nifty was very volatile and Nifty traded in a range for the day till 1:30 PM and after that it zoomed up to close near intraday high which is higher that previous day close.
For now we can expect that Nifty has discounted most of the negative news and is ready for some more upside.
As we have been saying that before Nifty may make fresh highs it needs to consolidate in the present range or should show some correction.
So for now Nifty may have done the same pattern and is now ready to tread further.
For current momentum to continue Nifty must maintain 5231 level on closing basis and if this level is broken than we may be again be in some more downtrend.
Nifty Levels for Today
| Nifty Pivot : 5234 | ||
|---|---|---|
| Support | ||
| 5216 | 5194 | 5176 |
| Resistance | ||
| 5259 | 5271 | 5286 |
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