Nifty

Though we have been rising for the past two days, the selling witnessed initially in the first half of wednesday was a cause for concern. 4046.85 is the previous high of Nifty which wasnt tested on wednesday but interestingly, Sensex high of 14035.30 was touched today with Sensex hitting 14035.67 intraday. This is too close for comfort and could be a potential double top if sensex is unable to break above that level on thursday. A close above 14037 would be the best case scenario for the bulls. As before, 3960 is the crucial support which Nifty has been holding on to all this while. Intraday, Nifty would be weak below 3995. Trade accordingly.