Markets are crucially poised after closing flat on a weekly basis post rangebound trading admist high volataility on A/c of Weak IIP nos, Petrol price hike, Interest Rate hike by RBI & Weakening Rupee.
Nifty Fut has pulled back from lows of 4910 to 5150 & closed around 5080 levels.
Markets may display reluctance to cross & sustain abv 5200 or break 5000 as selling pressure would be witnessed on all rises & buying support emerging at lower levels resulting in Nifty to oscillate between 5000-5200 range with Highest Open Interest built up in 5000 PE & 5200 CE.
Further Pullback upto 5340/5480 would be witnessed only if critical resistance area of 5198-5218 is crossed & Nifty Fut closes above it.
If fails to cross abv 5218, will be in a trading range 4992-5218.
Strong support lies @ 4992-5005 & Selling pressure would intensify upto 4864/4749 only if Nifty Fut breaches & closes below 4992.
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