What has happened yesterday?
Nifty opened with small loss at 4740 and then enter positive territory till 9:55.
Before 10 AM Nifty strated its downward journey and interestingly went on to test 200 DMA at 4650 by hitting low of 4675 (Nifty SPot) and 4667 (Nifty Fut).
At this level technical bounceback occurred and Nifty jumped all the way to kiss 1st Fibonacci retracement level at 4775 and then almost tested 2nd Fibonacci 4808.
From there we saw big selloff again and Nifty closed with minor gains and closed near Day's support level.
Some past trading session's experience have revealed that if Nifty close near support level then in 85% of cases it opened with loss or start trading in negative zone later in the day.
So we expect a weak opening and then more losses underway after opening bell in Nifty.
We expect Nifty to test 4714 level during the day and then we may see technical based buying as this can be the bottom of the market today.
If Nifty breach this level with volume then it may again test previous day close.
For past many sessions Nifty is facing sell-off on every rise and so has happened even yesterday.
Until we see closing above 4775 Nifty is unable to test higher levels of 4808 and then 4845.
To stay bullish Nifty must show closing above 4714 level anyways.
| Important Nifty Levels for | ||
|---|---|---|
Nifty Pivot | 4771 | |
| Support | ||
| 4736 | 4714 | 4676 |
| Resistance | ||
| 4787 | 4821 | 4849 |
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