Nifty: Resistance 5064/5080/5115-5118/5151-5165
Support 5020/5007-4994/4964/4955-4949/4935
Nifty rebounds sharply from lower support, after Deputy Chairman of the Planning Commission said "the government wants an increase in foreign investment and there was no proposal to tax overseas funds."
Again Nifty is near critical resistance area of 5064-5080... try to book longs arnd these levels & try to re-enter near support area or after it clears 5165. Intraday nifty has immediate support @ 5007-4994, if broken a steep cut upto 4949 can be seen & resistance @ 5080, which if sustained 5115 will be expected on upside & further extended upto 5151-5165.
5165 is Laxman rekha for bulls, as we have posted in past few days, which will decide further major movement.
Expect flat opening with +/- 5-10 Pts in line with Asian Mkt.
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