As discussed on the previous post 5002 indeed proved to be the most crucial place. Nifty did hit 5004 (resistance given @ 5002) and bounced handsomely in afternoon. Before hitting the days high @ 5073 it made 5042 as it'pivot, by making days high, which was eventually yesterday's given support. Currently we are witnessing corrective upmove against the downfall with number of strong upperhead hurdle to face.
Supports: The corrective pattern formed by nifty indicating towards 5016 as the immediete support.Sustaining below that can be a threat to break 5000 for a prolonged downside towards 4955/45. Further violation can bring 4920/10-4820/10 in no time.
Resistances: Sustaining above 5055 is good and a break of 5073 on the upside can bring a speedy 5095-5110/15.Above that it can show up 5140/45-5165 and decide the further move.
Longs built around 5000 zone can be booked around 5095-5116 and waiting for another decisive move can be a good positional trade. Resistance zones can be utilized for the intra shorts.
Resistances: Sustaining above 5055 is good and a break of 5073 on the upside can bring a speedy 5095-5110/15.Above that it can show up 5140/45-5165 and decide the further move.
Longs built around 5000 zone can be booked around 5095-5116 and waiting for another decisive move can be a good positional trade. Resistance zones can be utilized for the intra shorts.
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