Nifty almost down 200 points after picking top at 5165/73 :). The movement suggesting that impulsive move is on comfortably on 15/30 minutes chart. 4930/4900 really holds the key again. But from today's move if it can sustain the low it has formed on 22nd, it can bounce, though as a corrective w.r.t current down move.
Supports: 4972 which today's low somehow provided support. Now holding that it can bounce. Failure to do that can bring 4928-4900 very easily. Further break down will bring 4855-4800/05.
Resistances: Any bounce on the upside will be considered as correction shorting opportunity until 5035-5070 are crossed convincingly. Above that intra-day momentum can be seen upto 5095-5125/35-5151/60.
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