The support for the Nifty is at 4737-4700 and resistance at 4850-4950.
Day Trading Strategy
Nifty may open flat to negative note and it would remain range bound between 4845 and 4755 levels. Breakout of either level would dictate the intraday trend. On the higher side, if NIFTY trades above 4845, it could test at 4880/4920 levels. On the downside break below the major support of 4720 levels of 4690/4640 levels can be expected. Traders are advised to remain cautious due to uncertainty and volatility in the global markets. Investors will keep a close eye on inflation numbers due later today.
Nifty may open flat to negative note and it would remain range bound between 4845 and 4755 levels. Breakout of either level would dictate the intraday trend. On the higher side, if NIFTY trades above 4845, it could test at 4880/4920 levels. On the downside break below the major support of 4720 levels of 4690/4640 levels can be expected. Traders are advised to remain cautious due to uncertainty and volatility in the global markets. Investors will keep a close eye on inflation numbers due later today.
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