|The level of 4960 continues to hold high significance for Nifty.
Nifty opened on a lackluster note but was able to bounce back despite the sell off witnessed in yesterday’s trade. It concluded with a gain of 39 points at 5103. Amongst the sectoral indices the BSE Oil & Gas and FMCG indices were the out performers whereas BSE IT index ended the day in the red.
Nifty traded in a narrow range throughout the session and concluded with a gain of 39 points at 5103. After yesterday’s sell off Nifty is now placed at a make or break level. Though it did manage to register a bounce back till slightly above 5100 level it continues to trade in dangerous territory till the time it trades below the level of 5180.
On the downside it has support of 5000 and below that 4950 is an important support to watch out for.. The level of 5200 is now a stiff resistance for Nifty. Only a move beyond 5200 may pave the way for further upside till 5300 and higher.