Nifty: Resistance 5225/5257/5289/5315
Support 5190/5156/5115/5080
Nifty opened & traded firm green in initial trading hour & as written, selling pressure emerged near resistance zone & dragged indices to deep red. Nifty closed below our crucial levels of 5385. And so, as written, we may see some panic sell off. Today with extreme weak Global cues, we may see some panic gap down of 2%-2.5%. Nifty will now test its crucial trend line support @ 5190. If it sustains & closes below this zone, for couple of sessions, Nifty gets weaker for more crack in coming session. Over all, its highly oversold & a marginal bounce back from lower levels not ruled out before fresh selling sets in again. Nifty intraday resistance pegged @ 5257, above this some covering sets in towards 5289-5315 zone.
Trade with levels.
Happy Trading.
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