Nifty made a record high at 4411 last week. But the three dojis in the daily chart of the Nifty last week suitably reflect the tussle between the bulls and bears at this point. As explained last week, the zone between 4350 and 4400 is a potent resistance that can cause a medium term reversal. Though the Nifty can move higher to 4434 or even 4480 next week, we continue to advocate caution with long positions. However, fresh shorts are also not advised until there is a close below 4211. Supports for the week would be at 4293 and then at 4220.
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