As discussed nifty never managed to get above the 13EMA barrier and fell exactly from there, thus making it pivotal zone for coming days. It sold off sharply at the end of the day and tested the last major low by nifty @ 4386. It seems that Nifty is on the move with a impulse while targeting lower levels around 4355/40 initially and 4266-4230 kind of level form a slightly longer perspective.
Supports: 4386-4340 is immediate support for nifty. But further downside (which looks possible, may be after some bounce) can bring 4266-4240/35 zone, which is of course a important zone to watch out for.
Resistances:4475/85 is the pivotal for the day now, A break above that nifty can target 4517-4540 zone again, where 4540 is the previously discussed 13EMA zone.
Supports: 4386-4340 is immediate support for nifty. But further downside (which looks possible, may be after some bounce) can bring 4266-4240/35 zone, which is of course a important zone to watch out for.
Resistances:4475/85 is the pivotal for the day now, A break above that nifty can target 4517-4540 zone again, where 4540 is the previously discussed 13EMA zone.
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