Markets consolidated as written yesterday and also tested the crucial support level of 4580.
The close now is exactly at the neck of the 'W' pattern formed earlier and it is more likely that markets can give another rally sooner after consolidating around this level.
Having said this, the earlier view of extreme bearishness would set in only on a break and close below 4537 levels.
Currently 4650 is being marked as a stiff resistance and Nifty has formed a triple top in the intraday pattern. So a break of this level on the upside would immediately bring in the next rally which could see new highs. Till then markets could very much consolidate between 4550 and 4650 levels.
Resistance levels : 4636, 4650, 4696
Support levels : 4580, 4553, 4537
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