NIFTY finally managed to close higher today, but confronting the resistance at 4610. If Nifty can break this level, then it may test 4687and 4725 levels. In simple we may see a short-covering above 4610. I think banking stocks and Bank Nifty will take the lead tomorrow, because Bank Nifty seems more oversold and many institutional investors are keen in investing in banking stocks, because of low discounting. Right now crude is at $67.86 likely to test $69.9 mark very soon.
India’s monsoon is below 35, but expected resume around 8th of June, which will have positive impact on economy.
Nifty will have resistance at 4610 and 4687. Support at 4565 and 4553.
