market players perplexed. Gap up or down openings get filled up by
close indicating that both the Bulls and the Bears are holding their
territory and waiting for the other one to make a mo ve. Infosys
cushioned the morning fall and later the Banking, CGS sector along
with Reliance pack recovered from their lows providing some
intraday movement. The A/D ratio was slightly negative with
marginal rise in the volumes.
For the past couple of sessions, the Nifty is moving in a 150-175
points range. Support is pegged at 4220-4240 points while if the
resistance at 4430-4445 points is decisively crossed it may signal
some strength. Volatility is shrinking day by day; range expansion
is again due in the coming days.
Intraday, pivot is at 4327 points and immediate support is at 4280
points. The Bears have to push the Nifty below 4258 points to
mount the driver seat failing which the Bulls stand a chance. It has
to sustain above 4373 points for an intraday move to sustain and
surge further. Keep stop losses as we enter into penultimate day of
August F&O expiry.
NIFTY Intra Week
Volatility 265 pts
S1 4234.50
S2 4141.55
R1 4433.90
R2 4540.40
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