Nifty got support between 4688-4720 and after that 75 points sharp spike in 15 minutes was seen through rumour of Reliance brothers joint projects on 06-01-2012 but market lost all the gains therefore selling same day on the back of rumour mongering can not be ruled out.
As Nifty is again trading between mentioned support range(4688-4720) since opening today therefore sustaining it beyond should be firstly watched for next moves confirmations as well as next support/resistance beyond this range are as follows which may be tested after the break out of this range;-
1- Next Support;- 4590-4625
2- Next Resistance;- 4750-4780
Nifty moved above 4720 and it is confirmation of good support between 4688-4720 ,sustaining above 4720 will be confirmation of strength and fresh upmoves also.
As Nifty is again trading between mentioned support range(4688-4720) since opening today therefore sustaining it beyond should be firstly watched for next moves confirmations as well as next support/resistance beyond this range are as follows which may be tested after the break out of this range;-
1- Next Support;- 4590-4625
2- Next Resistance;- 4750-4780
Nifty moved above 4720 and it is confirmation of good support between 4688-4720 ,sustaining above 4720 will be confirmation of strength and fresh upmoves also.