On friday, Nifty was unable to move above the previous close and had stiff resistance at 5036 levels. Though the close was above 5000 levels, looking at the pattern the entire day's trade has been under the lower band.
This has imparted bearishness and it looks like bears will take a strong upperhand and can push Nifty to test further lows. A break of 4950 levels will be extremely bearish for the short term.
Resistance levels : 5020, 5036, 5052
Support levels : 4985, 4950, 4925
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