It was weak opening in Indian stock market today. Significant recovery was seen after choppy morning session. Nifty dragged down below the psychological level of 4800 to make a low at 4758.85 in the first half of the session after which bulls got activated and pulled it up to close the day at 4835.40 or down 0.7%. High volatility was seen for the session.
On Nifty daily charts, we are observing that the momentum oscillators RSI and Stochastic are southbound. For intraday trading tomorrow, Nifty could find supports at 4800-4755-4720. While on the upside 4875 may act as the immediate resistance for Nifty and any gains above these levels are likely to face stiff resistance at 4900-4950. Traders are advised to trade with strict stop-loss and in small quantities.
On Nifty daily charts, we are observing that the momentum oscillators RSI and Stochastic are southbound. For intraday trading tomorrow, Nifty could find supports at 4800-4755-4720. While on the upside 4875 may act as the immediate resistance for Nifty and any gains above these levels are likely to face stiff resistance at 4900-4950. Traders are advised to trade with strict stop-loss and in small quantities.
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