It was a see-saw day of trade for the Indian stock markets which opened marginally positive and then traded within a tight range. Nifty witnessed profit booking from resistance near 4,800 levels and closed flat. Nifty is trading in 4,800-4,700 zone for last two consecutive days, until Nifty manages to trade above 4,800 or below 4,700 levels, volatility may be seen. Decisive price action may be seen above 4,800 or below 4,700 levels.
For intraday trading tomorrow 06-Jan, trend deciding level is 4,750. If Nifty shows strength above 4,750 levels, then rally to 4,800-4,835-4,900 may be seen. If Nifty fails to show strength above 4,750 levels then selling pressure till 4,700-4,650-4,600 may also be seen.
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