Friday was again a highly volatile day and though bulls could not sustain to the high and push Nifty further to 4850 levels, the overall indicators have turned in favour of bulls and is pointing to a rally of 4908 levels in the immediate term.
The PCR has turned to 1.43, which indicates bullishness and FIIs have also been net buyers of 1300 crores in index futures. This indicates that many of 4700, 4600 puts have been written and could give rise to another leg of a bullish rally.
Resistance levels : 4837, 4867, 4908
Support levels : 4781, 4765, 4734
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