Nifty was moving very narrow range from last couple of weeks. Major resistance was found at 5181 level, which is touched by nifty in last 10 days.Closing above this level market might entered in new range but nifty has not succeeded to close over this level.A very short term support was on 5075 & 5000.It has been breached by nifty in last 4 days. it is indicating weakness in markets.US markets has closed in positive territory. Among the US market cues NIFTY may open with the smaller gains but market has face new resistance at 5000 & 5030 levels. Market has a support at 4940. If NIFTY holds 4940 level then market may move between 4940 to 5030 levels. Closing above 5070 level may indicate that market may go up further.In other hands closing below 4940 level , market can move 4800 level or below.
