S&P Nifty (4999.85 points) (-22.95 pts)

The Nifty hit R1 (5071) in the morning trade but later failed tosustain above the pivot at 5054 profits (also weekly R1 at 5059).Intraday Bulls had no choice but to give up in the end. Reliancegroup continued to be under selling pressure while IT, Power andCGS stocks tried their best to hold the Indices up. In the end theNifty at the day’s low. The volumes were poor on the last day ofApril derivatives expiry and the A/D ratio was marginally negative.Resistance line of the channel in pink is proving to be crucialbottleneck. It testing time for the Bulls as sustainability is aquestion. As long as it holds above 4915 points it would be treatedas running correction but a decisive breach of it would truncate theup move for the time being. Resistance at 5115 points needs to becrossed for fresh up move. Trendline support in green is at 4788points.Intraday, the 5021 points is the pivot in the Nifty. It has to hit ahigh or 5062 points for further upside. Immediate support is at 4988points while crucial support is at 4925-4936 points. We are seeingsmall bodies with upper shadow in the Nifty indicating profit takingat higher levels. Trade with caution as the struggle is on!!!* For only those holding longs in Nifty: It is better to hedge Niftylongs by selling 5100 calls (CMP 120) with 50 points stop loss.