Markets gave a strong bounce from the key level of 5050 yesterday but the bounce did not sustain for long and after testing 5200 levels, the close for the day came at 5119, near to the previous day's low
5050 is an important level where Nifty was hovering in the past during Oct 2009, http://tripleint.blogspot.com/2009/10/5050-levels-reached5050-chance-begins.html
Now the scenario looks like on a break of 5050, markets will be pulled down to test the levels of 4781 which might act as a good support for months and market is likely to consolidate between the levels of 4781 and 5200 for some time.
Resistance levels : 5144, 5175, 5204
Support levels : 5050, 4904, 4781
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