Nifty (5048): Nifty’s high on Friday was exactly one point below the resistance of 5065. The pattern on the daily chart is a stalling pattern.
Nifty - Daily Chart
Without getting in to the short term technical labeling of the market, there are two possibilities:
a) The corrective rally has already peaked
b) Or after a mild dip, the sucker rally continues to head higher and traps a huge number of bulls
Once again the key for this going to be 4800 – that is the line in sand for the bull-bear divide on the Nifty. If I see any other early sign that the corrective rally has ended, I will post or send an intra-market update.
Resistance: 5065: Support: 4910