Nifty lost significantly early in the session and tested the strong support of 4807 levels and gave a good bounce towards the end of the session on friday.
This bounce can take Nifty to 4950 levels in the near term and it is expected to correct further and test the 200 DMA around 4710 levels.
A strong move and a close above 5050 will only signify that bulls are back in track. As of now, it might consolidate for a while around the levels of 4885, with 4807 and 4950 being the range.
Resistance levels : 4903, 4932, 4953
Support levels : 4842, 4825, 4807
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