NIFTY indicates market has immediate resistance at 4880 and 4910 levels. Any move above 4910 and then 4990 is possible. The lower side, the support will be at 4765/4740 levels. If NIFTY moves below 4740, it could test at 4710/4690 levels.
The 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.
The 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.
