Finally we witnessed some bounce from 4940, well discussed support level. But the way intra day range is getting squeezed, the current state of market is strictly for advanced and experienced traders.
Supports: 4965 is immediate where longs can be built on some weakness but strictly for intra trades with s/l below 4940. A sustained break below 4940 can certainly bring 4910-4890-4850-4820. As we are in the mid of down trend on shorter time frame, violation of 4820 can make it severely weak for positional/medium term.
Resistances: 5008. Above that 5025 is another big hurdle to cross. Nifty may not fallen so much but certainly created some tough overhead resistances while coming down. Above 5025, 5045-5065 will be on the cards, which are shorting zone as well.
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