Nifty closed in the negative territory at 4318 due to overbought situation. The extreme short term indicators are still in the overbought territory and it can cause wild fluctuations tomorrow. Sharp rupee appreciation has impacted negatively on ‘IT’ stocks. Banking stocks were going up due to firm trend in banking index.
Nifty has support at 4168 and 3984 and resistance at 4400 and 4520. As the technical indicators are showing mixed trends, one can expect wild fluctuations on either direction.
