The crucial level to watch is 4,550 on upside and 4,480 on downside

The markets opened on a positive note with an upside gap on the Sensex, but were not able to hold the sentiment due to selling at higher levels. Throughout the day, the markets traded in a range of 4,563-4,491. Nifty has been facing resistance near the neckline of an inverted head
and shoulders pattern, as shown on the intra-day chart. Once the index surpasses the neck line, which is around 4,540 level decisively, it may test 4,680 on upside. The positive divergence between the price and the momentum indicator KST points likelihood of a short-term upmove.
The crucial level to watch is 4,550 on upside and 4,480 on downside. The market breadth was once again dominated by bulls.
On the hourly chart, the momentum indicator KST continued to ride positively and after breaching the zero line, traded in the positive territory, which indicates a possibility of a short-term uptrend. Our short-term bias is up for the target of 4,680 with the reversal at 4,360.

BUy IDFC SL 129 TGT 135,138 / TATA MOtors Keep SL 508 tgt 521,525

IBN 18 Looking Positive near term tgt 100

Scrip Name---Support Levels-Close-Resistance Levels Action
--------------------S1---S2---(Rs)---R2--R1

NIFTY Futures--4439-4479-4482-4531-4579-----Go long above R2,Go short below S2.
Adlabs Film-------536--545---551--559--567-----Go short below S2.
Century Text-----575--583---588--600--608-----Go short below S2.
DLF--------------470--475---480--494--502-----Go long above R2.
ICICI Bank-------748--757---765---771--780-----Go long above R2.
Infosys----------1821-1854-1864-1881-1901------Go short below S2.
J P Associates----173---175--179---181--184------Go long above R2.
Reliance---------2213-2249-2268-2291-2329-----Go long above R2.