Nifty scaled new highs yesterday and towards the end of the session gave a down move to almost test the previous close level.
The rapid move would have frightened some of the bulls and since Nifty is staying completely on top of the previous close, the momentum is still very much intact. The late move could be to shrug off weak bulls.
Only on a move below 4718 now would impart some bearishness and there will be strong support for Nifty if it reaches 4735 levels.
This is the first time Nifty is also testing the Bollinger Upper band and the low has been tested thrice after the election move and the ususal put call anamoly that we have seen is still existing in the system. It looks like it can pierce and move up in the next couple of sessions.
Resistance levels : 4820, 4845, 4865
Support levels : 4765, 4735, 4718
Happy Trading
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