A quite day of consolidation after a big break above 4755.

Nifty futures opened 4787 and made an opening low of 4780.20, It spent the whole day in a narrow range of 50 points, closing the session @ 4821 before making an intraday high of 4832.There is an immediate minor support @ 4780. And a major support now stands @ 4570-4580 level.The option data in nifty suggest higher levels due to heavy call writing @ 4900, and put writing @ 4700.

Our view on nifty is bullish as long as it stays above 4570 levels. Any dip in the intraday can be used to buy nifty with the stoploss of 4570.Once 4850 is taken out, It can move very quickly to 4900 and higher.

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