Nifty Resistance Seen at 4967-5110

After three consecutive sessions of slides and a week of losses, the bulls finally managed to log in a rally in the first session of a truncated week. The resulting close at 4933 had the Nifty closing above both its 5 & 21 double exponential moving average of 4854. The premium rose sharply to . 14, with the Nifty Futures OI seeing a cut of around 4%. The uptick in individual stocks, however, were not based on short-covering but fresh long-creation. Of the 222 stocks that rose, 134 rose due to fresh long positions while the remaining 88 stocks rose due to short-covering.

I now believe that the rally is near its peak and we could trade between the 4700-5050 levels. The two key resistance levels to watch out for are 4967 and 5110 on a closing basis. Considering our view, Our market is in pullback rally it can move up to 5050 -5200,In this levels we can Go short  still that wait and watch.While updating SGX trades in +60 points