Nifty likely to face resistance at 4944: Emkay

MUMBAI: Emkay Global Financial Services expects that the bull-run to continue and Nifty may face resistance at 4944 levels.

���After a heavy volatile session, the bulls finally made a wonderful comeback. With Nifty violating both, the falling trend line and the 20-hourly simple moving average, the pull-up seems to have more steam left. On upside 50-daily exponential moving average packed at 4824 is the first hurdle in the road of the bulls. Above that, the middle line Bollinger band placed at 4944 is the next key resistance to watch out for. Looking at the current strength from advance-decline line and the momentum indicator the party of the bulls has a high probability to extend up to the middle line of the Bollinger band,��� the report said.