After a moderate opening, Moody's Rating downgrade for SBI had an adverse effect on the market which led the Bank nifty to fall all off a sudden and resulting the whole market to close in red mark.
Spot nifty breached the crucial downside level of 4800 and closed at 4772.15. Now if the important level of 4700 get broken, Nifty may face a free fall till 4550-4500. But We can expect a bounce back before reaching this level. While on the upside 4809 would act as major resistance and a trade above the same may bring back some hope in Nifty again. For tomorrow we are anticipating a good day for short coverings and expecting a positive day for the market. Traders are required to sense the market momentum before getting into any trade.
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