Nifty on friday gave a clear breakout from 4407 levels and closed high. After two failed attempts to cross the 20 DMA levels, market has given a breakout.
In any case, a close above 4450, the most crucial level that we have been discussing for more than 15 days, is required for the bullish trend to continue.
Another important thing is that friday's close is so planned that, both bulls and bears have equal hope. Though there was a breakout, bears were still not threatened enough to cover their shorts and bulls are hopeful of the big up move. So from this stage it is going to be a great victory for either one of the party and a close above or below 4450 level will decide the same.
4340 has been established as a strong support and a break of that in the near term would give bears a very strong upperhand.
Resistance levels : 4450, 4489, 4518
Support levels : 4407, 4378, 4340
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