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| NIFTY DAILY CHART |
Nifty opened marginally negative amid mixed Asian Markets. Although it
attempted to cross the previous day’ s high within the first half of the trade,
but it faced resistance at the 50% retracement levels of the previous rally.
Intraday, it tested an intraday low of 4,723 and managed to hold above the
previous session’s low. Afterwards, it recouped some of the day’s losses and
ended the day 29 points, or 0.60%, lower at 4,750.50.
Markets are expected to
be volatile on account of December expiry. We maintain our weekly view of the
pull back to continue in the near-term. Any sustained move above 4,810 would extend
the pullback towards 4,880 and 4,950. On the flip side, 4,690 and 4,660 may act
as support level for the day.
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