Nifty faced stiff resistance from 4700. However, the broadening wedge on 60 minute chart below also suggests that it is not in a mood of a serious correction yet.
If it manages to move past 4700 then the next hurdle would be around 4800 levels. We had mentioned in our earlier post that this index faces multiple resistances from 4600 to 4800.
Click here for long term chart view. Any move beyond 4900 would be too much in terms of time scale as it has risen vertically since March.
Support at 4460 (closing basis) should act as exit point for short term long positions. Re-enter at lower levels because the Medium term would remain positive as long as it does not give a close below 4090.
