Technically, Nifty breached the vital sentimental support level of 6,100 and 6,080 but managed to close above the sentimental level of 6,100. After a continuous overstretching in past sessions, on account of bulls run, our indices went for little cooling. After a ranged show till afternoon session, in last session, indices descended with huge volatility but managed to recover most of the lost pitch. For the day, Nifty has registered its PCR level at 0.87 against 0.83 as of previous trading session. Because of selling at higher levels, Nifty closed below the vital 9 day's SMA placed at 6,106 but managed to close above 14, 50 and 100 day's SMA placed at 6,066, 5,687 and 5,458 with a good margin; these levels may act as new supports, in coming sessions.
For market tomorrow Nifty has immediate major support at 6,096 and 6,054. Movements below these levels can cause further decline. Resistance would be at 6,175 and 6,220 levels.
For market tomorrow Nifty has immediate major support at 6,096 and 6,054. Movements below these levels can cause further decline. Resistance would be at 6,175 and 6,220 levels.
ref : Nifty Daily Reports
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