Don't see Nifty crossing 4870 easily, says SBI Cap Sec

Jitender Kumar, chartered market technician (CMT) of SBI Cap Securities indicated that above 4,640 levels, the Nifty has a very good support at 4,670 and 4,700 levels. Moreover, he feels 4,700-4,800 levels will offer good support on the Nifty.

For the Nifty, 5,000 levels becomes a psychological resistance, but according to Kumar, the market's first resistance is at 4,900 levels, where maximum call writing is taking place.
He has a bullish stance on many stocks like Jet Airways, Havells India and Madras Cements. Here is the edited transcript of his interview. Also watch the accompanying video. Q: Where are the puts and calls congregating? Where is the market looking for support at this point in time? Where is it guessing resistance?
A: The Nifty has a particular resistance at a psychological point of 5,000 levels. But, the first resistance that the market will need is at 4,900 levels, where the maximum call writing is taking place.
On the put side, there is a very good support at 4,600-4,700 levels, where maximum numbers of calls are getting written. This rally can continue for next two-three days and can hit 2-3% more.
I am particularly looking at 4,870 and 4,940 and 4970 levels. Above that, 5,030 and 5,050 levels continue to be one of the good resistances. I don