Above 5080, Nifty may rally upto 5125: Bonanza

By Puneet Kinra, Bonanza Portfolio Ltd

Nifty opened on a negative note at 5105.10 levels and traded downwards throughout the trading session. Intraday volatility was high as indecision was seen near 5100-5080 levels. Intraday support was seen at 5080/5050 level and Intraday resistance was at 5130 level. Nifty closed on a negative note at 5054.75 levels with 66.70 points loss. Volumes were lower than previous session and market breadth was negative with 451 advances, 1009 declines and 80 shares were unchanged. Nifty June future closed with 4.65 points discount at 5050.10 (LTP) levels. Sensex closed in red at 16677.88 levels with 202.63 points loss.

Nifty showed selling pressure from 5100 level and closed just above 5050 support level. Short term trend is showing weakness as Nifty has gone below 5100 level.

For Daily purpose, Trend deciding level is 5080. If Nifty shows strength above 5080 levels, then rally to 5125/5145/5170 may be seen. If Nifty does not show strength above 5080 levels then selling pressure till 5015/4980/4950 may also be seen.