==>> Nifty is back to 4205-4315 band

What a volatile markets this had been. Markets opened up strong but after that kept on sailing in the positive and the negative zone for the rest of the day. The tug of war between the Bulls and the Bears continued for the whole day. Markets closed flat. Both the Indices lost only 2 points. Yesterday US markets up by almost 3%. Asian markets too opened up strong. This definitely gave some boost to the Indian markets also. SGX Nifty was trading around 56 points up. Nifty crossed its resistance levels of 4250 levels.
In the last 2 days markets had almost gained nearly 900 points in Sensex and Nifty have gained around 350 points. Nifty faced resistance at 4315-4325 levels, which is supposed to be its 50% retracement level from its low time high to its lows in Oct 2008. Nifty faced resistance at the trendline also, and closed below its 50DMA. Inverted hammer pattern have been formed in the Nifty chart. That might indicate that the short-term rally has been come to an end. Nifty on Monday slipped down to 3918 levels and on the same day I had informed that there will some temporary stop to the decline in the markets. Nifty made a high of 4305 and closed down at 4233.40. Nifty has resistance levels at 4315-4325 levels and support at 4205-4140 levels. Yesterday had given call on RIL ind to buy above 1840, today Ril ind made a high of 1966 and closed at 1934.3 levels.