Nifty may test 5050 to 5100 range as the level of 4960 is now surpassed.
Nifty moved from strength to strength throughout the day and ended with a massive gain of 133 points to close at 4997. Amongst the sectoral indices the BSE Auto and CG indices were up the most. All the indices gave a positive close.
Nifty surged higher on the opening bell itself and continued with the strength throughout the session to conclude the day with a gain of 133 points at 4997. It has given a break out above the resistance of 4960 and appears poised to trend higher till 5050 and beyond that 5100 is a possibility. On the higher side it has a resistance placed at 5020 which it may likely clear. On the downside the level of 4840 has now emerged as a major support for Nifty for near term. The level of 4920 is an important intraday support for Nifty in case of declines in next couple of sessions.