Support Seen at 4930-4720

After touching a low of 4720,  Nifty rebounded in the past two weeks. However, the upmove showed signs of exhaustion around 5160-5180 levels. Volumes fell and the Nifty took resistance at 5170, which was earlier a support level. Technically, when supports are broken, they act as resistance in future. The past two trading sessions wiped off close to 4% on the Nifty. The major damage was done by large-cap banking and IT stocks. The Bank Nifty and CNX IT were each down more than 5% in the past two trading sessions.
Global markets, too, showed signs of weakness due to concerns aggravating in the EU and the rising dollar index. The market weakness will continue in the current week as well. We see further weakness coming in IT stocks such as TCS, Wipro and Infosys. Also, banking stocks such as ICICI Bank, Axis Bank and SBI are expected to see more weakness.
Traders need to remain nimble footed and should book profits at regular intervals. Immediate support for SP CNX Nifty stands at 4930-4720 levels and resistance at 5020-5170 levels.”And can Go Fresh short at any Higher levels