Nifty: Resistance 5175/5210/5222/5259/5284
Support 5155/5120/5085/5051/5003
Nifty plunged to 52 week low on worries that global economy may lapse into another recession. Nifty [spot] made low @ 5116.45 & though recovered in post noon session to cover some losses & closed above 5200 mark. Today, we may see again panic gap down opening in line with Asian Market, after after S&P lowered the U.S. rating by one level to AA+.
Investors are advised to lookout for 5175-5190 zone closely in coming session. If Nifty sustains below this for couple of sessions, we may see some more selling in coming days. On the other hand, closing above 5275 only, we may see some relief rally may set in. Almost all indicators are in oversold zone, so we would advise not to short at lower levels.
Trade with levels.
Happy Trading.
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