Our mentioned resistance level of 4859 was breached in the opening moves and Nifty never tested these levels again.
Nifty found mild resistance near 4888 level but comfortably climbed all resistance zones later on.
Again Nifty faced strong sell off near 4945 level and closed below this level.
Nifty has a turning point at 4921 level and strong support at 4899 level.
If Nifty maintains these two mentioned levels then we will surely see higher levels in the coming days.
Although after such gains due to strong short covering Nifty must face selling pressure on the higher side and Nifty may slide a bit owing to profit booking.
Since Nifty closed near important level of 4921 we may see some profit booking today.
On the higher side Nifty must breach 4951 level with strong volume and must not breach this level in order to rise up further.
Nifty has crucial resistance at 5012 level and if this is breached with good volume then we can confidently claim that Nifty must touch 5065 level as well.
| Important Nifty Levels for 4th Feb | ||
|---|---|---|
Nifty Pivot | 4921 | |
| Support | ||
| 4899 | 4878 | 4854 |
| Resistance | ||
| 4951 | 4978 | 4994 |
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