Nifty made gap down opening of 60 points at 5556 levels and selling pressure was seen for the whole session. It slipped towards the important support levels of 5500 in the afternoon trade especially after a sharp fall in European markets, reacting on rising concerns of Italy debt crisis. Lower than expected Infosys' Q1 earnings and disappointing IIP data too spoiled the market sentiments. Finally, it made a close at 5526.15 losing 89.95 points or 1.6%.
On daily charts, we can see that Nifty is moving downwards breaking the support zone of 5605. The momentum oscillator MACD has given a negative crossover and RSI is southbound indicating further bearishness. For the coming session, Resistance for Nifty is seen at 5570-5605 levels whereas support for the day is seen at 5490-5450.
On daily charts, we can see that Nifty is moving downwards breaking the support zone of 5605. The momentum oscillator MACD has given a negative crossover and RSI is southbound indicating further bearishness. For the coming session, Resistance for Nifty is seen at 5570-5605 levels whereas support for the day is seen at 5490-5450.
Will nifty has a strong support on 5500 level???