Taking cues from the global market nifty opened up and
rallied to 5741 before bear took complete control of the market to push it to
the lower range of the support zone 5700 - 5765. Once again nifty was able to
hold the level of 5700 and recovered from the lows. Today also lower shadow of
the candle emphasizes the support zone mentioned. Till the nifty holds this
support one can expect pullback to 5900 with major resistance around 5810 and
5860 levels.
On cautious note if nifty breaks the support zone it
confirms the breakdown from the range bound activity and we can expect nifty to
fall to 5500 levels in short/medium term and 5130 levels in the medium/long
term.
Nifty Daily Chart
Nifty Weekly Chart
