Nifty on friday did not move till the key level of 5045 and also closed stronger near 5000 levels.
Today it is likely to reach the key level of 5045 and bears should take upperhand from that level. An immediate retest of 4850 levels is also on the cards. If this consolidation extends for two more days and if 4850 is not in sight by tuesday's close, then there is a possibility of a strong bullish move which looks remote at this stage.
To reiterate, most of the indicators are pointing to bullishness with PCR also at 1.36, but the overall pattern suggests a strong pull back.
Resistance levels : 5018, 5031, 5045
Support levels : 4974, 4945, 4882
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