|Nifty very close to a critical resistance of 4960.
Nifty opened negative but recouped the losses and ended the day almost flat at 4920, losing 1 point by close. Amongst the sectoral indices the BSE Metal and CG indices were the outperformers whereas BSE FMCG index ended the day in the red.
Nifty is now trading near the level of 4960 which is an important resistance. Should it breach the level of 4960 we may expect a swift upside till 5050 to 5100 in a very short span of time. It now has support placed at 4800. As long as it maintains this support the chances of an upside till 5100 remains high.
In the event it is unable to sustain above 4800 then we may see further downside till 4700 and lower. However there are some encouraging signs on the charts which indicate that it is likely to trend higher in coming few days.