Nifty did break the immediate resistance of 4950 and gave a decent closing above the resistance levels. We saw a dip close to 4930 levels but that dip was being bought and we could see the extension of this rally with a support at 4920-30 levels. Any levels above 5000 would give us a decent exit levels, let it be 5050 or 5070 and wait for a good accumulation pattern for any further up move. As said in the previous post some well respected resistance levels are placed above 5000 levels and nifty is expected to trade down till 4500 in the longer time frame. Banking stocks are giving some interesting up moves but apart from ICICI bank and Indus ind bank others are just giving short covering rallies. On the downside remember the support levels of 4920-30 and any dip to that zone could attract some buying interest.The poor turnover data shows short covering ahead of expiry is leading the rally and not much buying is happening in equity market. Volatility index shows buying on dips happening in nifty futures close to the support zones. Lets keep a range of 4920-5030.
