Nifty: Resistance 4666/4696/4721/4748/4777
Support 4646/4613/4585/4555/4520
Nifty started 2012 with positive note, though a dip came in noon, but Nifty recovered & closed in green by closing. Today, Nifty may open on +ve note with 30-35 pts gains. Immediate stiff resistance @ 4696...if sustains above this, Nifty may head towards next resistance zone of 4721. Sustaining above this zone, nifty may show more +ve movement towards 4750-4777 zone. On daily charts, Nifty already showing a positive divergence [ & with everyone being too bearish, I expect a opposite move ]. Intraday support @4613. Positionally, on lower side, 4585 & 4520 are giving good support to Nifty, till they hold on, expect bounceback to continue towards some higher levels of 4800-4900.
Trade with levels.
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