Consolidation to cross HIGH!

The Nifty has made a sterling move on Friday. It stayed above 4420 level through out the day. As posted…… (In case Nifty trades above 4393-96 level no shorts but long in Tata Steel, Ranbaxy, NTPC above 165 Stop loss at 162.85. The Satyam good above 453, infy above 1863 and wipro above 473-71). The Tata Stell, Ranbaxy and NTPC gave good returns. NTPC low is 165.7 and Satyam did not cross 453, Infty did not trade above 1863 but Wipro crossed 473 and touched 488+ level.
The challenge is whether we can cross the new high in this run?. It is unlikely to happen, as the top performers except RIL are not in the momentum as they were earlier. As expected earlier, the Nifty has good support at 4235-50 level and very good support at 4140 level.
For today, so long the Nifty trades above 4420, the bulls enjoy and softwares get support. The infras will advace further with GMR- good above 820, DLF- above 603 stop at 596. In case Nifty fail to cross 4489-91 level and low below 4439 then try shorts in RCOM below 443-resistance at 548-49, Tata Steel resistance at 703-06, SBI resistance at 1604-06, ICICI trades below 878 stop at 888.