mkt ahead...

as said earlier nifty is already in a near to short term profit booking downtrend but had not broken any imp support lvl. sustaining a close above 5025-5030 can set that trend to up again.

however 4900 is key lvl which has acted as a very good support, a brk on closing of which chance of nifty sliding another 100 odd points.

nifty closed below thursday low so a bit weak. however it also closed very near/above the support tline from march lows. hence might give a small bounce, to be resisted by falling resis lines on upperside near 5000 and 5040.


on hourly chart its moving in a triangle-like pattern. one may either play swing within the triangle or wait for brkout/brkdown.

safe sl for short term posi longs 4900, tsl for intermediate term 4860 closing basis, if the index remains rangebound profitable/tradeable stock specific moves can occur due to the result season going on.