Bulls are getting stronger on each consolidation and they are still holding the 5035 fort.
The resistance at 5074 level has been tested multiple times and any retest of that level will straight away push Nifty to 5111 levels and beyond.
The PCR has increased to 1.50 levels and FIIs have been both buyers in equity and index futures to the tune of Rs. 400 crores each.
Looking at all this, it now points to a very strong bullish move before this series and it is also highly likely that the momentum could sustain to see a new high on charts for Nifty before this expiry.
There might also be a pull back move to threaten weak bulls at this stage and also to build more shorts before pushing Nifty to new highs. This points to more of a buy on dips right now.
Resistance levels : 5074, 5111, 5127
Support levels : 5035, 5010, 4980
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