Nifty still bearish - 4950 is key resistance

Nifty gapped up today near the 4950 levels and ended the day significantly in the red. 4950 is proving to be a key resistance. A close below 4800 will further reinforce the fact that the bears have taken control with 4500 as the next target.

US markets rally

the S&P500 rose 7 percent, reacting to a new bank rescue plan.

http://www.ft.com/cms/s/0/7e0a2e32-17a7-11de-8c9d-0000779fd2ac.html

Back home, the Nifty has already rallied significantly in the last 10 days. There is significant resistance at the 3000 level. It will be interesting to see if it holds.