Weak global cues persist to drag the index with gap down openings and then recovering to fill the gap. VWAP @ close is 5060. Nifty closes at 5073.
1) Next support levels are 4850 and 4730 below 4950 or gap down opening tomorrow.
2) The range likely to get formed in the immediate short term is 4850-5350 . A close above 5185 should confirm this.
3) Volatility has made intra day trading good in spite of the gap down openings. Nifty is below all technical levels and the transition to form an appropriate trading range is what the current happenings in Nifty suggests. Happy trading :)
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