5050-4970 range is major support as of now ...Two scenarios are likely
1) Nifty holds this support and bounces to reach 5150-5250 range .....5251 comes as the 61.8 % of wave march to 12 june which may be the intermediate of current rally and consolidate in a very small range for 1-3 months , above 5251 Nifty will start its fresh ride towards 6k mark . ...
2) If Nifty breaches 4970-5050 support range it can fall upto 4650-4500 ...around this level Nifty behavior will show us the way ...
so short / long term players watch out 4970-5050 and 5150-5250 levels
