Nifty gains momentum;
The Nifty gained momentum and moved into the positive terrain led by gains in BPCL, ONGC, Bank of Baroda and Punjab National Bank even as the Asian markets remained weak.
``For daily purpose, trend deciding level is 5,000. If Nifty shows strength above 5,000 levels, then rally to 5,060/5,100/5,150 may be seen. If Nifty does not show strength above 5,000 levels then selling pressure till 4,960/4,900/4,850 may also be seen,`` said Puneet Kinra, senior research analyst, Bonanza Portfolio. ``Yesterday, Nifty opened on a positive gap up note at 4,995 levels and after making initial low at 4,991.40 levels, Nifty made high at 5,023.80 levels. Nifty closed in green at 5,018.40 levels with 62.60 points gains.`` ``Nifty is showing momentum strength at the moment. On upside, Nifty has some resistance in 5,060-5,100 zone and profit booking may be seen from this zone. On downside, Nifty has support in 4,950-4,900 zone. Friday being last trading day of the week and volatility may be seen.`` Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.