Nifty once again closed negatively at 4270, but mid-cap and small-cap stocks moved up sharply. The same trend may continue for another few more days before making a big leap. The 5 week RSI is above 90 suggesting possible profit booking on heavy weight stocks. Both Reliance and Reliance Petroleum remained negative, because Reliance Petroleum will be merged with Reliance Industries. It prompted institutions to book profit at these counters.
Nifty has major support at 4260 and 4156. Resistance for Nifty will be 4360 and 4400.
