Nifty made closing above the level of 4805 today. It was again highly volatile day in the market. Now we could see the intraday resistance for nifty at 4870, if it break this level & sustain above it one could see the level of 4950 in nifty future. Technically we could expect the trend reversal in nifty, when it closes above the level of 4950. If nifty close above the 4950, one should withdraw their short positions & should focus on long side. The major support base for nifty seems to be around the range of 4650 to 4700.
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