PreMorning Motilal Oswal 25th May

Nifty started the day on the optimistic note and started making higher tops and higher bottoms on the intraday chart. In the afternoon session, it tested 50 per cent retracement level of the recent fall from 5212 to 4842 and made a high of 5029, thereafter it could not sustain on higher levels and fell sharply, finally it erased almost all gains and closed at 4943 with a marginal gain of 0.26 per cent. The Advance Decline ratio was nearly 5:4. Nifty faced lot of resistance near to 50 per cent retracement level hence now 5029 will play an important resistance for immediate term and for turning bullish Nifty has to cross...

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