Nifty Daily Wrap: Ekamber

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 daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading session

Nifty may move higher but has resistance placed at 4750. The level of 4600 would now act as a support.

Nifty opened positive and strengthened further throughout the session to conclude with massive gains of 148 points at 4693.All the sectoral indices gave a positive close. The BSE Bankex and Oil & Gas indices gained the most. The Advance Decline ratio was in the favour of bulls at almost 3:2.

Nifty opened positive and moved from strength to strength throughout the session. It did manage to respect the level of 4500 despite the severe sell off since past few days. The bounce back that we witnessed today was very sharp.

The momentum can build up over the next few sessions but Nifty has resistance placed at 4750. The level of 4850 continues to remain a very severe resistance for Nifty. In the immediate term the level of 4600 would now serve as a support for Nifty.