S&P Nifty (5022.80 points) (-26.50pts)

It was lackluster trading session ahead of April F&O expiry. Aftermorning volatility, the Nifty remained range bound through out theday. Stock specific action was seeing in the front line while profittaking was seen in select Midcap stocks. Post results Reliance isunder selling pressure thereby dragging the Indices down. ONGC,Infosys, HUL and Tisco stood by the Bulls. The A/D ratio was flatwith no significant change in the volumes.Yesterday the Nifty hit R1 at 5084 points and bounced exactly fromS1 support at 5003 points. After a sharp pullback we are seeing twosmall candles indicating equilibrium among the Bulls and theBears. The Bulls have to negotiate hard to cross the strong supplyarea at 5092-5115 points. It is getting support from the resistanceline of the channel in pink. One should be cautious if the Niftystarts sustaining below it (4987). Trendline support in green is farbelow at 4785 points.Intraday, pivot in the Nifty is pegged at 5054 points. Resistance isat 5074-5092 and up at 5115 points while crucial support in declinesis at 4988-4998 points. A cold war is on for the short termsupremacy; it’s better to take profits regularly or keep positionsprotected. Markets are expected to remain choppy on the last day of