Nifty again closed in red for the fifth consecutive session. The index made a lower low and closed at 9361 levels.
Nifty50 failed to reclaim 9400 levels. Support and Resistance levels are shifting lower indicates that the Index is in the grip of bears now. Today is F&O expiry of May series, huge volatility is expected in the market. If nifty50 holds below crucial support 9380 level, then sentiments will turn negative may drag the index to the 9320-9300 levels.
If Nifty manages to sustain above 9400 level on a closing basis, then the Bulls would be able to pulled it back on the track.
On Technical Chart: Nifty made a Bearish candle on a daily chart. 5-Day EMA is about to cut 13-Day EMA from the above. Today's closing is important to watch out.Today: Major support would be seen at 9330-9280 levels while immediate resistance would be at 9380-9400-9450 levels.