Nifty continued its zig-saw momentum!
Pivot 5003
Support 4973-4948-4927
Resistance 5031-5056-5084
Support 4973-4948-4927
Resistance 5031-5056-5084
A day before Nifty was very weak, the very next day it traded stronger.
On Tuesday Nifty opened stronger then went lower to close lower while on Wednesday it reversed its path and after opening lower it went on hit day's high almost 70 points above its previous close.
Although on the closing basis there is a gain of hardly 13 points which is not much conducive.
A close above 5000 level is important but it shows a confusing picture for the week ahead.
The scenario is not quite clear now and not much can be commented about Nifty's future course of action.
If Nifty moves above 5031 then it may test 5056 level and then may struggle to inch towards 5084 level.
This is a big hurdle that must be crossed by Nifty in order to recoup the lost ground.
Nifty may test 5154 level if it manages to close above 5084 comfortably.
On the ower side Nifty has decent support at 4948 level and breach of this level may create panic that may pull itfurther down to 4896 level.
One should be ready to buy on dips and sell on rise.
(Which is there generally every second day at present)
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