The downward sloping channel, the earlier low of 4720 , last year's low of 4765and the neckline at 4650 are all unviolated.This keeps the long term bullishness intact till the above levels are decisively broken.Till then expect the bulls to get active at these support levels.The weekly candle has formed a hammer which is potentially a bullish signal.
The sideways action continues within the 5230 - 4720 range. The next leg up should continue if the Nifty trades above 4930 to target 5169.The potential double bottom at 4720 - 4728 could be bullish if 5169 is taken out successfully.
Resistance at 4930-4960-5001. Supports at 4861-4832-4740.
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