Nifty: Resistance 5050/5089/5115/5151/5179
Support 5005-4990/4949-4936/4905/4880
Nifty after a initial dip in morning session, it witnessed buying back from lower zone, boosted by IT stocks & took Nifty pass 5000 mark. Today, we may have a +ve opening with 40-45 pts gain in line with Asian market. Immediate resistance still pegged @ 5050, which if sustained, Nifty may see some more buying interest coming in towards 5089-5115 zone. On lower side, intra support pegged @ 5005-4990, breaching & sustaining below which, nifty may see some more selling pressure setting in. Over all, yesterday's closing candlestick points towards a further up move. But ahead of RBI meet on Friday, we may see some volatility in Bank stocks & leveraged longs would be advised to be avoided.
Trade with levels.
Happy Trading.
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