On the first half of the last session nifty took support from the given level of 4231 by making low of 4243. We witnessed upward momentum which brought the exact resistance level of 4325 by making high of 4328. Indeed market experienced a handsome selling pressure which helped nifty to get back and break morning levels. We broke 4325 convincingly and closed below that. And we have closed weak. For the coming session 4205 is crucial, below which 4185-80 will come. Further weakness can bring nifty down to 4131 to 4070 odd levels. But in that case the current upward momentum will be questionable. On the upside 4225 and 4254 will be immediate hurdles to cross above which it will taste 4280 and 4330-35 respectively. Undoubtedly we are negatively biased, but at the same time I personally feel positional buying level is around the corner. Trade on the short side for the day and seeking for a positional buying opportunity can be a wise trading strategy.
Supports: 4205-4184-4130-4070
Resistances: 4225-4254-4280-4335
(All future levels, hourly chart attached)
Take care, happy trading.
Note: Sustaining 4205 on the opening bell, it will become an immediate buy.
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