The Nifty rallied to a high of 4,949, and finally settled with a smart gain of 102 points at 4,932. On Tuesday, the index was precariously poised at 4,830, but the strong up move yesterday has revived hopes, and the index looks all set to regain its 5,000-mark.
Today, the index is likely to face some resistance around 4,975, above which the index may spurt up to 4,990-5,005. The major hurdles for the index however remain at 5,050 and 5,100. In case of a down move, the index is likely to find support around 4,885-4,870-4,860. Interestingly, 4,940 seem to be the pivot point for today's trade, the bulls are likely to have the upper-hand as long as the index stays above it.
The Sensex ended with a gain of over 300 points at 16,496. The index looks weak on the weekly chart, hence needs to sustain above yesterday's high for the momentum to continue. Failure to do so could see the index drop below its weekly low.
Today, the Sensex is likely to face resistance around 16,630-16,665-16,710, while find support around 16,365-16,325-16,285.
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