On friday, it was a decisive victory for the bulls, having lost significantly in the opening, bulls regained whatever was lost and also conquered the 4444 territory and finally managed to break the key levels of 4490 and 4507 and closed around the next crucial level of 4530.
Market as such is still confined between the 20 and 50 DMA at 4539 and 4396. A strong break and retest of the 20 DMA is required for bulls to power up from this level and in any case should not retest 4444 for the bullish breakout to sustain.
If there is a retracement to 4444 and below from this level, then bears are sure to take a strong upperhand.
Resistance levels : 4580, 4605, 4630
Support levels : 4507, 4485, 4444
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