|Nifty the level of 5000 and below that 4960 continues to remain as an important support.Nifty opened weak but dramatically reversed its losses and ended the day with a gain of 61 points at 5115. Amongst the sectoral indices the BSE Realty and Bankex indices were the outperformers whereas BSE HC index was the only loser.
Nifty opened weak but took support above the level of 5000 to later stage a smart recovery and concluded the session with a gain of 61 points at 5115. It now has resistance placed at 5130 and beyond that the level of 5149 which is the 200 Day EMA may offer resistance to Nifty. If it is unable to surpass the level of 5150 then we may see yet another bout of selling pressure which may take it down to 5000 and below that 4960 is possible. It needs to surpass 5150 to strengthen further till 5200.
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.