Nifty finally gives breakdown below 5000 but there is a good support around 4925-4935

On Friday, Nifty finally gave a breakdown below 5000 after flirting with 5000 danger level for the past 2 days and the quantum of selling pressure was so much that exact 4972 was the level shown straight after 5000 was broken i.e all stop loss orders placed were either skipped or were executed till 4972 on time priority basis, but there was no follow up selling in Index futures as a result of which Bears were left with no option but to hold the levels 4980-4995 till end of day trade.



Nifty View: Nifty has broken 50 DMA and most importantly the black trendline which it was holding since the last 2 days. Now this black trendline i.e ( 5050-5075) will act as a huge resistance for bulls but the support is not too far away. The index has bounced back from green trendline many times in the past so it has a very strong support at 4925-4935 levels, sustained closing below this level can turn Nifty very weak on short term charts.




Stock View: APTECHT

This stock was hammered out of shape in the month of October and now is very close to support line ( green line ) and 200 DMA which are coinciding with each other at around 175 level. The blue line is acting as resistance which is placed at 205 level. The red line is a danger line, closing below which the stock could turn very weak. In this case Aptecht can be bought near 175 odd level with a stop loss of 165 on closing basis.
Blue Line --> Resistance Line
Green Line --> Support line
Red Line --> Danger Line




Have a nice trading day

Regards

Ankit