NIFTY SUPPORT AND RESISTANCE

As mentioned in the post (wednesday ,16 May 2012),4800 provided good support for Nifty and also indicated of a dead cat bounce,just see Nifty has moved up 200 points from low of 4789.
Nifty has managed to close above 20SMA @ 4982 .As long as Nifty spot not closes below 4952, our mantra is buy on every dip .It should sustain above 20 SMA for further upmove.Immediate resistance for bulls @ 200 SMA 5070,if Nifty manages to close above 200 SMA,Bulls will take full control and can take Nifty towards 6000.


NIFTY SUPPORT
4910
4800


NIFTY RESISTANCE
5030-Trendline
200SMA @ 5070
50SMA @ 5146
FALLING WEDGE