The congestion of the range breakout above 4507 levels on friday pushed Nifty to a very strong 'gap up' opening and in the end also closed significantly higher.
Now that it has broken the previous intermediate high of 4619 levels and has clearly formed a 'W' pattern on the daily charts, this signifies bullishness, but then for the bull trend to continue a healthy retracement to 4605 level is also required.
There might also be a move to throw away the weak bulls in the next two days and the expiry day might see a bullish move.
Resistance levels : 4657, 4693
Support levels : 4605, 4586
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