The crucial day ……..

The Nifty is well positioned to cross the resistance level yesterday it self but failed to use the opportunity when the global cues are very favourable.
The Nifty has been performing in a narrow band of closing is appoint to be noticed. The Nifty gained 123 points on 30th July took 3 trading days to gain 80 points then again added 107 points on 5th Aug. took 3 more days to gain 30 points, again took the positive triggers to add 91 points yesterday. The Nifty added all positive days except on last Monday.
The crude is falling, the support could be at $108-105, but the concern for our equities is the impact of the slow down that surfaced in the auto sales.
The Tata Motors sales down nearly by 10% are some thing to be noticed while the economic robustness discussed at this point in time. The IIP numbers will be resealed will carve the Nifty and the sector wise support.

Now the bottom supports for Nifty are good but the higer level contraction is worrying. The Nifty is in up move & trend for the day so long it trades above 4575 level, but the upper side resistance at 4649-50 level has to be crossed decisively. The good support at 4521-23 level in case of fall but minor support exists at 4561-63 level.

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