Nifty Opened today with a Gap of 50 points @ 4929. It Moved in a narrow range the whole day, and then finally managed to break above 4950 and closing at the high point of the day @ 4970.
Finally nifty is moving on expected lines. The close above 4755 is bearing some good results. Now thw next minor resistance is the pshcological level of 5000. But the real resistance does not come until 5150 to 5250 levels.On the downside, there is a minor support @ 4850 , But the major support lies all the way down to 4780 level.
Our view on Nifty Futures is bullish. The immediate target is 5000 level and higher to 5150. And on the downside only a break below 4780 on closing basis will negate the bull run. Any pullbacks in Nifty can be bought with a stoploss of 4850.
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