Yesterday I have mentioned that the Nifty has a good support at 5120-5030 levels. There were many ups and downs in our markets today. Nifty opened in the positive zone and there was a rally till 5241 and before the close of 5191.8, Nifty tanked till 5120.05. As informed earlier that the nifty has a good support at 5120. Yesterday also Nifty made a low of 5116.3 and closed above 5120. Today also we saw the same bounce back from 5120.
But the trend is still not changed. 5176-5200 is a good resistance levels.
1) I have drawn 2-trend line (REST & SUPPORT). If the Nifty closes above the REST trend line then it can have a rally till 5400-5545. But if the Support trend line is broken then the nifty can test the recent low of 4800.
2) As per the lower top and lower bottom theory, If the Nifty turns around from here and closes above 5400 then the upside target of 5545 will be achieved. But if the it slides down from the current support level of 5120, then the down trend may continue till 4800.
SO WATCH OUT FOR THE MAJOR LEVELS
SUPPORT- 5120-5030-4800
RESISTANCE- 5176-5200-5400.
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