Indian benchmark indices (Nifty & Sensex) opened gap-down amid the weak global cues. Nifty opened down 24 points at 4993.35 and made a low in the earlier half of the session at 4942.90 after which the bulls got activated and a handsome buying interest in Banks and IT Sectors pulled Nifty back above the 5000 levels. It made a high of 5072.90 and finally closed above a crucial resistance of 5050 levels at 5064.30 (0.94%) in the green.
On Nifty daily charts, we are observing that RSI indicator is currently trading in comfortable zone. For intraday coming tomorrow, 5020 is the immediate support for Nifty and if this is broken, next support is seen at 4975-4940. On higher levels, 5110 is the immediate resistance for Niifty and any gains above these levels are likely to face stiff resistance at 5150-5200.
On Nifty daily charts, we are observing that RSI indicator is currently trading in comfortable zone. For intraday coming tomorrow, 5020 is the immediate support for Nifty and if this is broken, next support is seen at 4975-4940. On higher levels, 5110 is the immediate resistance for Niifty and any gains above these levels are likely to face stiff resistance at 5150-5200.
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