If the Nifty holds above the 5039 mark then it may be presumed to be in a short term bullish mode. However, it is in an overbought zone as per the stochastic and therefore, it may take a breather around 5138 before commencing the next leg. The immediate resistance is at 5098 which if conquered in opening trades with good volumes might take Nifty to 5301. The immediate support is at 4989. On the flip side, below 4905 Nifty will give up all the gains and resume the bearish trend.
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