Weekly Chart Review
As per weekly chart Nifty is able to hold above 4680. Now we need to watch whether Nifty is able to stay above 4944. Now Nifty is above its weekly pivot point 4800 and first resistance is appearing at 4908 level. Beyond this level it will be resisted at 5060.
Nifty is above its 13 DMA (4825) and 5 EMA Low (4804) on weekly closing basis. Holding above these levels Nifty bullish sentiment will be intact.
Otherwise on the down side, First weekly support is appearing at 4649 and next is 4540.
Daily Chart Review
Nifty is above its daily pivot point 4817. Now we need to watch whether Nifty will be able to hold its 13 EMA (4866) level. If yes then it Nifty may get resistance at 4951 level.
As per other daily technical, Nifty is taking uplift from its oversold zone. Trader or Investors may enter into the market for short term basis if Nifty holds itself above 4800.
Tomorrows Support and Resistance
S2 4760 S1 4790 Pivot 4816 R1 4855 R2 4880
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