Nifty just showed no strength for the day and eventually did hit our support level @ 4960-4940(4938 low) and ended the day at day's low. Technically it's weak but from a trader perspective it's getting tougher to trade intra day as range is getting narrower with smaller bounce or dips as contra trend to initiate trade.
Supports: Bears are comfortably moving price downwards. Though 4940 is still holding but simply on the wire. I did recommend intra longs around our support zone and it's still on as 4940 is not taken out yet. Though below that fall may gain more speed with target 4915-4895 in hand. Further breakdown can bring 4850-4815/20.
Resistances: 4980 is immediate. Above that 5005/20 is fair possibility. But I doubt if bears will let the shorting chance go. So these are places where intra longs (if built yesterday around 4940) should be booked. Above 5020, one can play for 5055/60, which will be a positional shorting zone also with a very minimum risk-reward ratio.
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