From the key support level of 4251 given yesterday, there was an unexpected bounce to retest the then day's high and the crucial resistance level of the 4331.
The close of 4341 doesnt impart bullishness as it is exactly at the mid point of the previous bear day and has not pierced it. A higher close of 4430 is required to confirm the bullishness.
There has already been a two times retest of the 20 DMA and it currently stays at 4418 levels. It looks like NIFTY is getting into a range between 4222 and 4450 levels. We need to wait for a break and close below/above these levels to decide on a trend and so it might be safe to play the range or wait and watch for the breakout eitherside.
Resistance levels : 4382, 4406, 4450
Support levels : 4306, 4283, 4251, 4222
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