Last week I had mentioned the 4650-4773 area to be good support. The Nifty rallied strongly and registered a higher high higher low candle for the week.The blue support line drawn for the downtrending channel has support at 4693.Resistance comes at 5275 on the pink support line and 5285 at the 100 wema.
The daily chart too shows the 5250-5286 levels as resistance. If the Nifty crosses its resistance of 5111 then expect a reaction to come in at 5285 levels. The gap of 5331-5230 will also provide stiff resistance.
Support on the way down is at 5020-4993-4965-4928.
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