Nifty has resistance at 4945-4950: Reliance Sec

Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

Reliance Securities has come out with a pre-market report. The research firm said key support for the Nifty was placed at 4840-4850 range and hurdle was seen in the range of 4945-4950 on higher side.

"Domestic bourses witnessed mild profit booking after sharp gains of 9% in just four trading sessions. Profit booking was observed across the board with almost all sectoral indices closing the session with losses. Market breadth too turned negative while volumes in cash segment witnessed a sharp rise. Reiterating our earlier view, Global factors will remain a key driver however going ahead levels of 5000 would be keenly watched. Global markets will remain a key dictator for the trading session. Any signs of weakness in global arena may see up move getting halted for some more sessions. However this consolidation after sharp volatility in past few weeks should be noted as positive developments for our market. As for today's trade, key support for the day is placed at 4840-4850 range. Hurdle is seen in the range of 4945-4950 on higher side", says Reliance Securities.

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