Yesterday, we saw BSE rising to its 14 month high by closing at 15,924, which was also followed by Nifty, which closed at 4711. This was due to the strong global cues, as most of the global markets extended their July rally into the first trading session of August. Today we can expect the similar outcome, as US Markets, opened on a very High Note. Asian Markets also followed the US Markets. Indian Market also will respond to the global cues in the same way.
Nifty closed beyond 4700 levels yesterday, which means that we have support levels for Nifty at 4645 and 4578 levels. Likewise, Nifty has a strong resistance at 4750 and 4790 levels, if Nifty breaks these Resistance levels, it might reach up to 4855 levels also. If Nifty opens above 4684 level, we can another upward rally in Nifty.
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Happy Trading!
Day Trading Analyst
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