Nifty unable to cross the resistance of 4970, Continues to remain weak:: GEPL

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Nifty unable to cross the resistance of 4970, Continues to remain weak till such confirmation is established.

Nifty opened positive but was unable to sustain at higher levels and ended the day with a gain of 11 points at 4870. Amongst the sectoral indices the BSE FMCG index ended the day with highest percentage gains whereas BSE CG index lost the most.

Despite a positive opening Nifty was unable to cross the resistance of 4970. The trend continues to appear weak till the time Nifty trades below the level of 4970. With a breach of the support of 4880 Nifty appears set for further decline till the time we do not see an immediate recovery and a move above 4970.

On the downside it may test the level of 4800 and below that 4750 is also a possibility. In the absence of any confirmed signals for buying, we advice refraining from any long positions till Nifty clears the level of 4970. We also recommend a strict stop loss of 4850 for any existing long positions