|Nifty may test the range of 5050 – 5100. Level of 4870 is now an important short term support.Nifty opened positive and remained in the green throughout the session to conclude the day with a gain of 65 points at 4985. Amongst the sectoral indices the BSE Bankex and Power indices were the outperformers. All the sectoral indices gave a positive close.
Today, Nifty registered a break out above the key resistance level of 4960 and ended the day above it at 4985 adding 65 points to its value. With the required confirmation of a break out above 4960 in place , Nifty may now test the level of 5050 and beyond that 5100 over a short span of time.On declines, now the level of 4870 would offer support and the level of 4800 continues to remain a very strong medium term support, As long as it maintains this support the chances of an upside till 5100 remains high.
In an alternate scenario if Nifty is unable to sustain above 4800 then we may see further downside till 4700 and lower. However, we remain more biased towards the upside in the immediate term.