Nifty showed good strength from support near 4,900 levels and closed in green above 5,000 levels. Nifty is showing momentum strength and buying interest may be continuing above 5,030 levels. Market may take some clue for RBI policy which is to be announced on Friday therefore, volatility in second half of market is also expected to increase. For daily purpose, trend deciding level is 5,030, if Nifty shows strength above 5,030 levels, then rally to 5,060/5,090/5,160/5,200 may be seen. If Nifty does not show strength above 5,030 levels then selling pressure till 4,980/4,940/4,900/4,850 may also be seen.
The Nifty bounced today and closed the day in the positive. It is now expected to continue with the uptrend and move up further. The key support in the short term will be around 4,940 and a resistance will be faced at 5,147.
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