Nifty opened almost flat and entire day it was trading in a narrow range of 7420 to 7470 with low volumes. Finally it ended at 7454 with a loss of 0.07%. The Advance Decline ratio was almost 2:3.
Nifty made a low of 7422, but closed above the support of 7440. On the daily chart, oscillators are in the oversold zone. Now if Nifty sustains above 7475 then we may see a recovery and it can test 7569 and above that 7615, these are 38.20% and 50% retracement levels of its recent fall from 7808 to 7422. On the downside, the trend will turn negative only if Nifty closes below 7440.
Support 2: 7395
Resistance 1: 7481
Resistance 2: 7507
Nifty made a low of 7422, but closed above the support of 7440. On the daily chart, oscillators are in the oversold zone. Now if Nifty sustains above 7475 then we may see a recovery and it can test 7569 and above that 7615, these are 38.20% and 50% retracement levels of its recent fall from 7808 to 7422. On the downside, the trend will turn negative only if Nifty closes below 7440.
NIFTY LEVELS TODAY
Support 1: 7424Support 2: 7395
Resistance 1: 7481
Resistance 2: 7507
.jpg)