Stock&Commodities

S&P Nifty (4887.30 points) (+ 7.65 pts)

The Nifty opened strong and touched the weekly R2 at 4948 points.Profit taking was seen in the second session when it failed to crossthe daily R1 at 4961 points. Infosys led the IT pack along withsupport from Textile, Metal and Pharma stocks. Banking and Oil &Gas sector remained subdued. Action was seen in the select Midcapsegment as is reflected in the A/D ratio (2.5:1). The volumes wereslightly higher than the previous session.We are seeing a “long upper shadow” in the Nifty indicating someselling pressure at higher levels. The Bears are applying theirmight to suppress the rally below 5000 points. Immediate resistanceat 4972 points should be crossed for fresh up move to 5040-5076points (trendline resistance in pink). One should take a freshoutlook if the Nifty sustains at higher levels mentioned above.Trendline support in green is away at 4726 points.Intraday, resistance in the Nifty is pegged at 4972-4992 pointsrange. Pivot for the day is at 4916 points while a decisive breach of4863 points would be an alarm for the Bulls. Crucial support indeclines is at 4826 points. We have seen a 243 points recovery in thepast two days; also today is the 8th day from the recent low of 4628points. Traders should take profits regularly in rallies or continue tohold with a trailing stop loss.NIFTY Intra WeekVolatility 330 pts

S1 - 4616.00 S2 - 4529.35

R1 - 4853.80 R2 - 4948.95
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