Nifty made a very strong up move on friday and also maintained it till the end after the breakout.
Finally it looks like the pattern theory of 'W' neck retest and the move to correct the anamoly between the implied volatilities of puts and calls gave good result.
Given this scenario and the strong close on friday, Nifty should see a gap up to 4718 levels and then on a break of 4731 levels, will immediately go for a new high and a target of 4765 and 4786 levels.
Only on a move below 4580, this bullish stance needs to be reassessed.
Resistance levels : 4718, 4735, 4765, 4786
Support levels : 4650, 4618, 4580
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