Nifty closed below its 100 DMA on 27th Jan 2010. Nifty for the last 4 days have taken support at 4800 levels. Nifty on Jan 29 made a low of 4766 but closed at 4882 as it was trading below its lower Bollinger line. Yesterday Nifty made a high of 4951. Nifty slipped down after facing resistance at 4950 levels and closed down nearly 100 points at 4830. Nifty made a low of 4814. Since the last 4 days Nifty had taken support at the trendline i.e. 4800.
Markets bounced back sharply after witnessing some serious correction yesterday on back of strong Global markets. Nifty today made a high of 4949 but failed to close above the same. Nifty will continue to face resistance at the same. Close above the same will rake the Nifty to 5008-5035 levels, but that looks to be some what difficult. Selling pressure for some time has been cooled down, but may again attract at higher levels. 4800-4950 levels have to be seen. If Nifty again starts falling then this time it will surely break the 4800 levels.