“Today, we witnessed a gap up opening in our markets which was mainly a rub off effect of the cheerful mood seen in the Hong Kong (HANG SENG) bourses. However, post this, the Indian market had their own existence and hence, the opening cues were not reflected during day’s course of action.
Now, if we look at the intraday activity, today’s price action was a replica of previous day as we saw index opening higher and then correcting precisely from their intraday hurdles. Today, we saw a pullback move towards the trend line breakdown point (9830) in the initial hour and from there the Nifty remained under pressure throughout the remaining part of the day. Going forward, we continue to expect this correction getting extended towards 9685 – 9620 levels. On the flipside, 9830 – 9884 remains to be a strong resistance zone.”