Support for Nifty at 4940: Gaba

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Technical Analyst, Prakash Gaba:

We said 'The market had a resistance at 4936 and has managed to close at 4999. So far the market has found a resistance near the 5000 mark and stayed put. On the indicators front the market needs to spend some time here and consolidate if it has to go up and assault the all time high of 5182 and so a dip would be healthy for the market if it comes and I would like to watch the crucial support of 4940 and trade long as long as 4940 holds'.

The market unfolded as expected and has taken support like a dot at 4933 and closed positive above the 5000 mark.

Technically the up move is still intact as long as 4940 holds and the market just needs to cross the recent high of 5182 for trapping the shorts and then the target would be 5250.

The logical support for the Sensex is at 16400 and logical technical target at 17466.

The logical support for the Nifty is at 4940 and logical technical targets at 5166-5250.

From a trading point of view I would continue to book profits on the way up, it never hurts.