Today Nifty may open flat note and its range bound between 4820 and 4755 levels. Breakout of either level would dictate the intraday trend.The higher resistance level for the NIFTY is seen at 4840 and 4870. The lower side the support would be at 4720/4690 levels. We advise: if NIFTY closes above 4820/4840 levels on weekly closing basis and then short term buying can be expected and then 4920/4950 is possible. Till then advice to trade cautiously as selling pressure can be expected at higher levels.
