<b>Pre-mkt:</b> RIL, Wipro results may cheer markets

A relief rally is not ruled out after yesterday steep fall. Reliance Industries has come put out power packed results while Wipro has outperformed the street expectations with healthy Q2 numbers.

Technically, the Nifty has immediate support around 5300 and below that 5224 is a strong support. As long as it sustains above this level on declines, the uptrend remains intact.

A decisive breach of 5224 may take it down to 5060 with some support at 5100.

A week before expiry of October series futures total rollover is lower at 9% compared to six months average of 14%. Nifty rollover was strong at 21% compared to six months average of 16%. The cautious rollover in stock futures indicates that derivative players are not willing to carry forward its long as well as short position on extremely volatile situations.