Nifty was on bear trend yesterday day and closed at 5091.Again a head-over-heels .Nifty opened on strong downbeat but recovered to some extent from lows of 5033 to close at 5091. So today the first resistance for nifty is at 5119-24 level. Next resistance ranges are at 5147-52,5165-70, 5194-99,5213-16,5229-33,5260-65,5300-02,5323-27 levels. On downside first support is at 5063-60 level. Next supports are at 5048-45,5030-27,5001-97,4979-75,4952-46,4930-26,4916-10,4893-90,4868-63, 4840-35,4808-05,4790-85,4730-25,4704-00,4677-74,4660-57,4615-10,4595-90,4540-35 level. The reversal from lows of 5033 shows that nifty still had the buyers support So today if nifty strongly trades above 5124 level we expect some bullishness but the main hurdle for the nifty are at 5165-70 and 5194-99 level and nifty had to close above 5200 for the trend to be back in bull side. On downside if nifty slips below 5060 be alert and no long if below 5030.
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