Nifty Futures opened weak with gap down of almost 60 points @ 4673.It managed to find support @ 4650 for now.Nifty made an attempt on the upside briefly past 4700 @ 4709 but sold off to an intraday low of 4632. It finally manage to close @ 4669.
China is leading all the other Asian markets lower with itself.Chinese markets closed on the lows today over 6.5% down.
As mentioned on our earlier comments, Nifty has a very stiff resistance @ 4755.On the daily and weekly charts there is a triangle formation and It needs to break above 4755 decisively to head to higher levels.On the downside there is support @ 4580 levels.
Our view on Nifty is still Bullish, Only a Break and a close below 4550 -4580 levels will negate the upward momentum.This will take nifty back to major support zone of 4350.
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