On Friday Nifty closed at 4905.80 down 28.95 points & Sensex at 16371.51 down 90.20 points. The Sensex lost 4.9% while the Nifty lost 5.24% during the week. The market traded deeply in the red for the most of the week. However towards the closing of Friday, short covering & positive opening of the European markets helped to close the Indian market with moderate loss only.
There is some hope for the coming week, but there may be still big volatility wait the traders/investors in the market.
Nifty outlook
The key level for Nifty is 4920. Above this level market may remain positive. A gap up opening will do the things in favor of bulls.
Next level of resistance is 4962-4976. Above this level market may try to hit 5010/5043/5060
Below 4900 market may go deep up to 4856/4832/4813/4803
