As we predicted that trading above 4800 would push Nifty towards 4850 level and the same happened on Tuesday. The market gained over 2% and Nifty closed at 4849.55. The positive cues from Asia and Europe supported the market which strengthened further by Moody's upgraded India's rating to investment grade. Though it seems like a short covering, the market had quite good breadth and volume so technically we can expect market to extend the bullish momentum today as well. Nifty Futures closed at 4871.65 up by 119.85 points. It has first resistance near 4897 level and breaching the same may call for a rally till 4850. Support is lying around 4816 level.