Nifty tested 5050 but that is enough

NF Daily chart by Google Finance

NS has moved past 5050, but I think this is enough from 4531 to 5050. As Anil said that ruppee is appreciating so the banks are gaining that is true But we do have RBI credit policy which is going to be held on 24th Jan. Though RBI may be dovish in terms of CRR cut but there is much liquidity in system. IIP data has given some boost so growth wise it is fine though IIP data is still not reliable. Expansions for the corporates are being stalled but inflation has come down below 7.5% MOM. Though RBI's stance for inflation would be below 6%. I do not think RBI will jump to cut rates atleast in January. NS sustaining below 4991 will wake up the bears and I am hoping expiry will be somewhere near 4885-4850 level.NS will face stiff resistance around 5030-5065-5080 level.