Nifty: Resistance 4747/4777/4833-4848/4888
Support 4720/4666/4640/4611
Nifty opened on -ve note & remained there till noon session. Nifty recovered from lows in late trade as interest rate sensitive auto, banking and realty stocks advanced after the latest data showed food inflation eased sharply to a near 4 years low. Nifty may open gap up with 25-30 pts today. Immediate resistance @ 4777 zone. If sustains above this zone, Nifty may try to get more +ve towards 4833-48 zone, from where selling pressure can be seen. On lower side, Nifty has strong support @ 4720, break & sustain below this zone, Nifty gets weak for more dip towards 4666 & lower support zone. Nifty now keeps hope alive for bounce back/ short covering till its above 4640, below this, Nifty may slip back towards 4500-4555 zone.
Trade with levels.
Happy Trading.
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