50 points. It was more of a stock specific movement as they
supported the Indices in rotation. The Nifty bounced exactly from
the S1 (5101) mentioned in the earlier report. Amidst selling
pressure, the IT stocks remained steady. Late surge in Reliance led
the comeback. The A/D ratio was marginally negative and the
volumes were lower than previous session.
On the breach of support line in blue, the Nifty is down 100 points
and around 160 points from the recent high (in 2-3 days). If it’s a
permissible correction, we should get a relief today; otherwise one
should be alert. Unless 5284 points is not decisively crossed upside
is capped and as long as crucial support at 5073 points holds, the
Bulls are safe. The 38.2% retracement of the recent rise from 4628
points is approximately around 5015 points.
Intraday pivot in the Nifty is at 5134 points. Support in declines is
at 5103 and below at 5066-5073 points. The Bulls have to sustain
above 5181 points to ward of the Bear threat. As indecision
prevailed at higher levels, market participation is lower in this
week. The Bulls are getting intraday support at lower levels ( close
is away from the low). Without wasting time they need to act
quickly to prevent the Bears entering their territory.
NIFTY Intra Week
Volatility 283 pts
S1 5153.68
S2 5006.56
R1 5324.98
R2 5412.77
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