Nifty: Resistance 4957/4966/4984/5005/5025/5052
Supports 4908/4893/4858-4848-4838
Nifty saw a deep crack as expected when it broke support level of 5005-4994. Now moving forward... Nifty seems exhausted & oversold. It has important support @ 4848-4838 zone, which I expect to hold for a momentum bounce. Volumes during fall were not supportive for further deep "panic" fall, so logically we may expect some upside upto 4950-5000, before coming out with clear view. Aggressive traders may use this opportunity in buying stocks like RelInfra, Ranbaxy, Educomp which looks good at current levels to accumulate.
Nifty is expected to open flat/+ve in line with Asian market, with immediate Intraday resistance seen @ 4966 & support @ 4893.
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