The Nifty ended near the lower end of its 5,135-5,340 trading range on Thursday. The previous lows at 5,183 were whipsawed intraday, but the Nifty managed to close above that level.
A strong support convergence has happened around the 5,135 mark. The swing low at 5,135, the 200 day moving average and the multi-month trend line (green) have all converged together.
This makes 5,135 a very tough nut to crack. Investors can initiate fresh buys with 5,135 as reversal point and 5,340 as initial targets.
ADVERTISEMENT
RECOMMENDED FOR YOU
POPULAR
1
IT, Defence And Banking Stocks Among Top Diwali Picks For Helios Capital's Dinshaw Irani
2
Gold Vs Equity: Evaluating These Asset Classes By Performance Over A Year
3
Stock Market On Muhurat Trading Day: All You Need To Know Going Into Trade On Nov. 1
4
IPL 2025 Retention: National Team Players Should Be Given Priority, Says Rohit Sharma
5