Nifty is getting weak on both daily and weekly charts.
Nifty has good support near week's low of 5183 also.
On Friday Nifty closed forming a doji similar to gravestone doji.
Its a sign of further weakness and traders must remain cautious now.
Any fall below 5244 means big ticket selloff by punters and Nifty may again test 50 DMA at 5200(exponential) and 5176(simple).
One may initiate longs near them once Nifty rise above these levels again.
| Important Nifty Levels for 3rd May | ||
|---|---|---|
Nifty Pivot | 5268 | |
| Support | ||
| 5244 | 5201 | 5176 |
| Resistance | ||
| 5276 | 5304 | 5336 |
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