We began the day with low of 5080 (support was @ 5085) and bounced very little. Broke down 5085 and straight down @ 5065 (support discussed 5065/60), but some longs might have built at that support, but s/l was so small for longs. Below 5065 it was one way movement on the 2nd half of the day. And from immediate perspective, say for next 1-3 session, mantra can be short on rise.
Supports: 4970-4950 can a be zone for intra bounce, And very very crucial from closing perspective. A close below 4970 will not augur well. So If some body is playing for a intra day bounce s/l can be below 4950 zone initially. Below 4955/52 zone 4915-4895.90 can come in a whisker.
Resistances: 5025-5040/45. 5040/45 zone is really big. Nifty has made two tough resistances in these last few sessions which are 5060/65-5095, above 5044 zone, those levels are achievable, but those will be opportunity for shorts unless some wonder happens.
Sir,Very much calculative analysis.Very nice.4970-4950 is the very crucial zone.Though it has slipped yesterday with a free fall,bulls may hold this zone at the end of trading session because otherwise there shall be more vigourous fall below this level.
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