Last day of the expiry had been proved to be good for the bulls. Last hour rally helped lead the markets recover all its lost glory. Sensex which was trading down nearly 150 points surged in the late hours due to short covering in the F&O counters. RIL, HDFC Bank surged heavily in the late hours. Indices opened up week on back of global weakness. For most of the day the Indices remained in the red zone, but surged in the last 1 hour. Nifty tanked in the early hours and made a low of 4904 levels. But turned down positive to make a high of 5016.7 levels, but closed 5000 mark. Nifty closed at 4990 up 20 points. Sensex made an intraday day low of 16494 and surged to 16834 levels. Sensex gained 62 points in the late hours and closed at 16781 levels.

As mentioned in my recent blog this writer had informed, that the Nifty will face resistance at 5013 levels and to remain cautious in the markets. Nifty this made a high of 5036 on Tuesday. Slipped down to 4900 levels today. Nifty chart had made a Long Shadow pattern that indicates that the sellers dominated during the session and drove prices lower, but the buying in the end of the session and the strong close created a long shadow. But this pattern have been made at the higher levels. Nifty is still facing resistance at 5013 levels as mention earlier also. Nifty closed just above the thin trendline. The confirmation of the trend will be decided on the pattern on the next trading day only. Acc to todays rally was just a shortcovering on the expiry date, but tom the mkts can come down again, Nifty will find support 4846 levels and resistance at 5013 levels.