Once again 4800 in the Nifty seems to have given a good support. Nifty of the past 3 days have been trading near the 400 mark. On 28 the Jan Nifty closed in positive zone, breaking the downtrend, with marginal gains. In the Chart we can clearly see that the DOJI pattern has been made on the first day. Then again at the lower levels, a small HAMMER like pattern is been made on the 2 consecutive days. Today Nifty closed at 4915 levels. Nifty will continue to face resistance at 4940 levels. Up move above the same will be decided, when the Nifty close above the same.

As mentioned in my last article that the markets will bounce back in this week, as it was trading below the lower Bollinger band and the RSI was also below the oversold zone.

BUY Apollo Tyre above 58

Short Ambuja Cement below 100.50

BUY Bharat FOrge above 278

Sell Cairn with tgt of 254

Short REl Cap below