Yesterday NIFTY was unable to sustain the move above the crucial resistance level of 4507 and also came to retest the support of 4444.
Having said that the markets will turn bullish only on a strong move above 4507 and a close above 4537, it looks like it is now confined between its 20 and 50 DMA, 4511 and 4410.
A breakout and close supporting either one side will be the indication for the short term term. Overall the pattern still remains bearish.
Resistance levels : 4485, 4511, 4537
Support levels : 4444, 4396, 4375
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