On the budget day, bulls were able to push the markets beyond all the immediate resistance level of 4950 and 4985, but failed to sustain to those levels and closed below 4930.
Though the pull back towards the end of the session is significant, equally significant is the upmove that started in the mid session and markets have not come down to retest the level of 4900 and this signifies bulls are having the upperhand right now.
It is likely that bulls should be able to push the markets to test the 5000 mark and also close the markets above the crucial level of 4950.
For the week, if bulls succeed in closing the markets above 4950 mark, then we can see rallies till 5100 levels and a round of consolidation around 5050 levels.
For the week 4840, 4823 should act as a strong support and a break and close below that level would bring back bearishness.
The key levels to watch out for the day
Resistance levels : 4956, 4985, 5008
Support levels : 4912, 4896, 4876
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