|Nifty may test the range of 5050 – 5100. Level of 4850 is now an important support for Nifty
Nifty opened positive but was unable to strengthen further after making a high of 5020. It gave back some of its gains to conclude the day with a marginal gain of 4 points at 4990. Amongst the sectoral indices the BSE IT and Teck indices were the outperformers whereas BSE FMCG index lost ht most.
Nifty made a high of 5020 and gave back some of its gains today. We continue to maintain an upside target of 5050 to 5100 for Nifty over the course of next few days. The level of 4850 has now emerged as a major support for Nifty for next few days. As long as it maintains this support the chances of an upside till 5100 remain 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 till Nifty trades above 4850.