Nifty opened today on the firm note @ 4846 and moved higher throughout the session to make a new 2009 high of 4908.90 and closing @ 4897. Finally the market is finding some momentum on the upside after the encouraging advance tax numbers and a breakout of the pattern on the weekly chart on 11.09.2009 on the upper side. The option numbers shows heavy call writing at 4900 and put writing at 4600.
Our view on nifty is bullish with an immediate target of 5000 and above , with a small resistance at 4950. Only a break below 4780 on closing basis will negate the uptrend.
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