Nifty: Resistance 4916/4949/4963-4994/5007
Support 4888/4848/4816
Nifty faced resistance in our given range as posted yesterday.Indices closing above the 20 days SMA and the RSI value approaching 50 levels suggest further upside. For confirmation, Nifty needs to cross & sustain 4949 zone. Above 4949, expect some good gains, on closing basis above 4949, Nifty may tgt 5100 zone in coming sessions. On downside, breaking 4888 may lead to some profit booking upto 4848 zone, sustaining blw may weaken Nifty further for further downside tgt. Expect flat opening.
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