Nifty: Resistance 4848-56/4884-90/4907/4949/4978
Support 4785-70/4747/4716
Nifty opened gap down with peer Asian group & spent almost whole day in just 10-15 Pt range. Nifty has stiff resistance @ 4884-90 range on upside, which is held as immediate Top. If thats not broken, we can see some booking from that levels. On lower side, closing blw 4785-70 will lead to selling of 50-70 Pts on Nifty & making further weak in coming days. On the daily charts, for the third consecutive trading session, we are witnessing a narrow range body formation which suggests indecisiveness prevailing at higher levels. Expect flat opening in Nifty with some range bound session in early trades.
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