Nifty: Resistance 4990-5005/5050/5090/5115
Support 4963/4949/4917/4888
A sell-off in late trade pulled Nifty to their lowest levels in almost 16 weeks. Nifty dropped below the 5,000 in late trade on comments from RBI deputy governor, that the central bank has relatively little room to cut interest rates now. Technically too, as written yesterday, Nifty faced resistance @ 5131 & blw 5050, went on to touch 4990. Today, again a gap down opening can be seen. Immediate intra support @ 4963. On further lower side, 4917-4888 zone is deciding zone for Nifty. Sustaining below it, Nifty may see more downside in coming zone, else bounce back may be seen. Until Nifty closes above 5131, leverage longs should be avoided. Momentum bounce-backs can be seen from support zone.
Trade with levels.
Happy Trading.
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