Monday Nifty opened with optimism & a gap of about 60 points but again sellers were dominant near 4920 level. It resulted in a fall from that level to 4850. Certainly there is change in the sentiment of the short term bulls who enjoied the rally from 4670 to 4930. Nifty established 4890 , 4850 as intra day support. Consumer Durable stocks & Reality stocks were weakest for the day. Global market trend was direction less  during  Indian stock market hours.

Observations:

• Important moving average lines are acting as resistance in the zone of 4920 to 4970.
• Moderate chances of Market  testing 4950 on Nifty , the level above which the intermediate trend will turn up.
• 4500 zone on Nifty is an important target for this intermediate downtrend.

Market Technicals:

Market Breadth : 0.450

Market Trends : Short  term trend of market is down. Intermediate trend is DOWN.

Intermediate trend of market will turn UP if market closes above 4950 & 16553 for Nifty & Sensex respectively.

Support levels for Nifty are 4840 , 4800 ,4690 , 4650 , 4470, 4050 , 3300 .

Resistance levels for Nifty are 4950 , 4985 ,5060, 5180 , 5130 ,5240 , 5330 , 5570.

Breakout  Stocks of the day : Idea.