Observations
- The index was in a short band of 4730 to 4780 touching 4780 twice.
- Although the stock fell 50 points to 4730, it did manage to pull back to 4750.
- The stock is not ready to cross the barrier of 4780 still.
- If the level of 4730 holds for 1 more day then breaking 4780 should be easy.
- Volatility can be expected to increase today. This could be problem as it would weaken 4730 as a support level i.e. the stock could still break 4780 in spite of going below 4730.
Important Levels
- 4730 - Support
- 4780 - Resistance
- 4755 - Most probable opening
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