Nifty has resistance at 4,900-4,970
Date: 17.01.2012
``Nifty is oscillating in the range of 4,800-4,900 since last few days and any move towards 4,800 level is showing some indication of buying interest. So we can see sentiment is extremely positive as of now and market is showing every possibility of break out. Any positive trigger from global market may turn around the scenario completely in favor of the bulls. Last day it recovered from day`s low of 4,827.05 and ended up with a ``bullish marubozu`` kind candle pattern with a closing of 4,873.90. Value of trend following indicator 30DEMA has improved in last few trading sessions which exhibits the inherent strength. So crucial hurdle in front of Nifty Future is 4,900 level its last ``weekly high``, beyond which Nifty Future is going to reach out its 50% retracement level (from last top) that stands at 4,970 level. Support and resistance level are 4,690-4,800-4,900-4,970.
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