The market witnessed a sudden rally which we also mentioned in our previous report. Indian equity markets ended higher for the fourth consecutive session and closed nearly 2% higher on Today's session. China's GDP growth report led the market to outperform. The 50-Share Nifty ended up 93.40 points at 4967.30 while Nifty futures closed the day at 4972.50 after earning 81.40 points.
Nifty is now seems to be heading towards 5000 level. The session witnessed a significant rise in trading volume and market breadth along with a strong momentum. So the technical indicators are suggesting that the market is likely to remain positive for the coming sessions as well.
Nifty can face a psychological resistance of 5000 level and breaching the same can extend this bullish momentum towards 5100 level. Support for Nifty Futures is seen near 4910 level.