Today NIFTY indicates market has immediate resistance at 4980 and 5020 levels. Any move above 5020 and then 5055 is possible. On the lower side, the support will be at 4790/4740 levels. If NIFTY moves below 4740, it could test at 4710 levels. Market is likely to remain weak as NIFTY has given a breakdown from the important trend-line support of 5430/5440 on both daily and weekly chart. According to rising demand line (Joining from the lows of Aug 2009 (4353.45) to the low of May 2011(5328.70), breakout of 5480/5490 levels would indicate selling pressure. Any move beyond 5480/5490 level on monthly basis would only negate the bearish view.
