|Nifty now has support near 5000 to 4960 range.
Nifty opened positive but gave back all its gains to conclude the day with a loss of 14 points at 5054. Amongst the sectoral indices the BSE CD and FMCG indices were the outperformers whereas BSE CG index lost the most.
Nifty reacted form the resistance zone of 5100 to 5150. It made a high of 5124 and reacted to erase all the intraday gains. It finally concluded the day with a loss of 14 points at 5054. The recent correction may take it down further till 5000 and below that 4960 is also a possibility. If the present correction sustains above 4960 and there are positive efforts from that level then Nifty may resume its uptrend and retest the level 5200 and even surge beyond that over the course of next few days.
The level of 4840 is a major support and a trend reversal level for Nifty. As long as it trades above this level the bullishness would remain intact. Only a break down below 4840 would negate the recent uptrend that started since early last week.