After breaching important support level of 4878 which was held by Nifty (Spot) for quite some time was finally breached and then it mercilessly fell lower to touch low of 4836.
BankNifty also maintained support level of 8564 (Spot) for quite some time but finally fell down heavily to touch low of 8455.
All the gains of 3rd Feb were lost in yesterday's trading session and it proved that how choppy is our market and is reacting to only international cues.
Most long positions formed on 3rd in both the important indices were winded up yesterday and new shorts were also created.
Today we expect that market should show some short covering provided international cues help us.
Nifty heas important turning point at 4862 and if this level is notched up then we may see some gains due to short covering.
In case of huge weakness, Nifty must not breach 4780 level and this is level where buying must be done in blue chip stocks.
| Important Nifty Levels for 5th Feb | ||
|---|---|---|
Nifty Pivot |
4857 | |
| Support | ||
| 4819 | 4802 | 4780 |
| Resistance | ||
| 4862 | 4882 | 4904 |
| Important Bank-Nifty Levels for 5th Feb | ||
|---|---|---|
BankNifty Pivot |
8492 | |
| Support | ||
| 8407 | 8359 | 8316 |
| Resistance | ||
| 8508 | 8554 | 8597 |
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