Strong rally of European and U.S. markets helped to pull Nifty upside. Nifty tossed 350 points from its bottom made in last week. Nifty has tasted 5150 once again, which is the upper band of the trading range of Nifty. Hourly chart of Nifty shows a strong resistance zone at 5160 -5200.Nifty may consolidate around this level for few days. Nifty 5200 strike rate’s call has maximum positions which mark that traders are not comfortable to pull Nifty over 5200 level now. Traders had added short positions in 5100 strike rate’s call on Thursday. U.S. markets mixed last night, while Asian markets are trading in negative zone. Fitch has downgraded four European banks and placed seven more banks to review for downgrading. European markets may remain weak after this news. Only short positions can be added at higher levels in Nifty.
