Nifty short term trend has turned bearish to sideways. Nifty made hammer candlestick pattern on daily charts which shows that bulls are trying to enter from support in 4,600-4,580 zone. On upside, Nifty has resistance at 4,650 levels. If Nifty manages to maintain above 4,650 levels then recovery may be seen else profit booking may be seen.
For intraday trading tomorrow 03-Jan 2012, trend deciding level is at 4,630-4,650. If Nifty shows strength above this levels, then rally to 4,700-4,750 may be seen. on the down side if Nifty does not show strength above 4,630 levels then selling pressure till 4,580-4,550-4,500 may also be seen.
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