S&P Nifty (4957.80 points) (-54.85 pts)

The Nifty opened higher and continued to move up from where ithad left before. Till the mid-session it was steadily trading around5045-5050 points. Later, the Bears became active when intradayrallies failed to cross the daily R1 at 5071 points. More than 100points were knocked off from the days high in the last hour of trade.Heavy weights were slaughtered as the Bears were on a rampage.In the end the Nifty closed a percent lower on higher volumes. TheA/D ratio was marginally positive.Profit taking which began around 5060 points (38.2% retracementof the fall from 5298-4913) soon turned out to be a decent sell off.The Nifty is yet again near the crucial supports at 4915 and 4883points (weekly s1). Trend line support in green is pegged at 4935points. On the upside, the 5085-5115 points is the bottleneck areaand for a sustained up move, trendline in pink needs to bedecisively crossed.Intraday, 4988 points is the pivot in the Nifty. Immediate support ispegged at 4912 points where as the bulls cannot afford a low below4889 points. Resistance in rallies is pegged at 5035 points which ifsustained, we could see further up move. Once again the volatility isacting as a double edged sword. It’s an acid test for the Bulls; theyneed to act quickly before the Bears strangulate them.

NIFTY Intra
WeekVolatility 271 pts
S1 4883.17 S2 4758.88
R1 5118.55 R2 5284.00