Tech view: Make or break day for markets
The markets have so far held the 4950 support mentioned in the weekly charts. However, today seems to be a make or break day for the markets. Given yesterday's late surge, the bias remains towards a positive move.
The Nifty is currently placed marginally above its long-term moving average at 5,019. Expect bullish momentum above 5,030, while weakness below the 5,000-mark in today's trading. A strong move in either direction could see the index either rally above the 5,100-level, or slip back towards the 4,950-odd levels.
Banking stocks - including the heavies SBI and ICICI Bank are going to be the likely movers.