Nifty faces strong support at 4580-4550: Finquest

MUMBAI: According to Finquest Securities, strong support for Nifty around 4580-4550 levels. The brokerage has advised to create fresh buy positions on Nifty with stoploss placed at 4475.

���Nifty marginally breached the high at 4689 only to face strong selling pressure and ended lower by about 54 points. Nifty is currently testing strong support zone at 4580-4550. Fresh buy positions can be created at these levels with stop placed below 4475 for an up move towards 4700-4750.

Nifty seems to be rising in a diagonal pattern where in 4730 is the upper band of the pattern. If this contention is true, Nifty is likely to face strong resistance at 4730 levels and trade in a range bound manner between 4730 and 4500. If however 4730 is breached, our assumption of the rising diagonal would be negated and prices could then rise further towards 4900 levels,��� said Finquest Securities report.