Today NIFTY indicates market has immediate resistance at 5055 to 5070 levels. Move above 5070 and then 5123/5180 is possible. The lower side, the support will be at 4990 to 4963 levels. If NIFTY moves below 4963, it could test at 4910 levels. The overall direction of the market is likely to remain weak as NIFTY has given a breakdown from the important trend-line support of 5430 to 5440 on both daily and weekly chart. On monthly chart, according torising demand line (Joining from the lows of Aug 2009 (4353.45) to the low of May 2011(5328.70), breakout of 5480 to 5490 levels would indicate selling pressure. Any move beyond 5480 to 5490 level on monthly basis would only negate the bearish view.
