The markets opened on a positive note and ended flat amid volatility. The broader indices outperformed the benchmark indices. The Sensex witnessed a swing of 312 points between an intraday high of 15,046 and low of 14,733, before closing the day at 14,871 down just 4 points. The NSE Nifty closed 5 points higher at 4531, after seeing a swing of 96 points between day's high/low of 4574 and 4478 respectively. The sell? off was seen in banking and selects IT & oil & gas stocks, while buying was witnessed in FMCG, cement, pharma, select metal and infrastructure stocks.

The undertone of the market is still bullish as great action is witnessed in the midcap & smallcap space. Markets are facing selling pressure at higher levels as they are placed in the overbought zone. The current trend still remains on the higher side as they are no sign that markets are topping out, only thing is that market are consolidating after a sharp run? up.

The outlook still remains optimistic, but caution should be maintained at higher levels as huge profit booking cannot be ruled out. On the F&O side we have seen 4500 PUT adding 3 lakh shares of open interest and 4700 CALL option adding 3.6 lakh shares of open interest. This clearly suggests that if 4500 is broken we could witness a sell? off and huge pressure is build at higher levels.

For tomorrow's intra? day trading support for nifty is at 4450 and resistance is placed at 4580. Fresh buying allowed only if Nifty maintains above 4580 then next level could be 4620?4660.