Nifty closed at 4999.95 (lost 114.20 points). Though clarification on GAAR from the Finance Minister helped our market to recover more than 100 points in Nifty from its day's low at 4988 on Monday, but euro-zone problem alongwith comments from RBI's Deputy Governor on Central Bank's little room for interest cut as well as negative European market opening fuelled to tank Nifty. Now, if the recent low of 4983.60 (yesterday's low; on Monday, it was 4988) hold, market may again try to recover some of its losses, otherwise, we may see further slide till 4900-4880 whereas, 5150 will act as strong resistance for short term.
For today, WATCH 4980-83 CAREFULLY. IF NIFTY ABLE TO HOLD THIS, IT MAY MOVE TOWARDS 5050/5070 ON THE UP SIDE WHEREAS BREAKING 4980, NIFTY MAY HIT 4945/4930 ON THE DOWNSIDE.
For today, WATCH 4980-83 CAREFULLY. IF NIFTY ABLE TO HOLD THIS, IT MAY MOVE TOWARDS 5050/5070 ON THE UP SIDE WHEREAS BREAKING 4980, NIFTY MAY HIT 4945/4930 ON THE DOWNSIDE.
From options data,,highest options base has been shifted to 5000 put and 5300 calls. However, as of now 4950/4980 may act as support and 5200 will act as resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
