Nifty: Resistance 4626/4666-4676/4697
Support 4585/4555/4520/4499
Nifty with weak Global cues, opened gap down & hit fresh 52 week lows & went below 4600 level as data is showing sustained selling by foreign funds. Nifty showed some recovery from lows & closed above 4600 zone, though volumes lacked in it. Today, Nifty may open with marginal gains of 15-20 pts above immediate resistance of 4626. If sustains above this zone, Nifty may move towards 4666-4676 zone. Nifty will face stiff resistance/selling @ this zone. Above 4700 only, Nifty gets into some +ve momentum for some short covering towards 4777-4800 mark. On lower side, Nifty has strong support @ 4550-4520 zone. Below this 4450-4400 may come in panic. Closing below 4400, a panic fall may trigger market towards 4200-4000 levels [in a worst scenario].
Trade with levels.
Happy Trading.
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