View on Nifty

Yesterday action of Nifty confirmed our view that it has now eneterd into a zone of 4535 to 4650. Index is still in rising channel and despite minor correction yesterday the scenario is still up. Nifty can now travel in channel till 4650 before it faces any resistance.

On intraday basis the nifty has support at 4540 and resistance at 4628. between these the movement would be rangebound.