Nifty support seen in range of 5040-5015: Nirmal Bang

MUMBAI: Nirmal Bang is of the view Nifty is likely to see support in the range of 5040 – 5015.

If we take the retracement from the high of 5399 to the low of 4675 then the next level of support comes in the range of 5035 / 4950. We believe that around 4950 markets could take support which is the long term 200-day moving average for the Nifty.

Nifty below 5180 triggers for a free fall which the markets was anxiously waiting for and our sense is that one should not be in a hurry to get into buying and wait for the market to get stable and create a base around the 4950 / 4845 where buying could emerge from a long term perspective. Support for Nifty is seen in the range of 5040 – 5015 and resistance at 5180 / 5210 levels," the report said.