Nifty tested further lows after breaking the lower band on friday and though it gained from its lows, it is still at a crucial level.
The volumes were heavy and any further break of 4985 levels would bring in more weakness.
There has been a strong resistance established at 5077 during intraday on friday. Any move above that level could push Nifty towards 5100.
As of now it is a wait and watch situation as market could turn eitherway from here.
Resistance levels : 5052, 5077, 5094
Support levels : 5011, 4985, 4950
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