A very volatile but a trading friendly day it was. the high probability of the bounce was clearly told and discussed on previous day's post. Market just bounced off twice exactly from levels discussed (support was given @ 4825, low made 4824). But every bounce will be considered as correction as long it can not manage to go above 5080/85 and even 5180.Though short term traders who has been holding their shorts since 5080 is broken, can trail ahead their stop ahead to 4950 level. As it is indicating a short term reversal above that place.
Supports: Very very immediate is 4835, sustaining below that can be an early threat of a breakdown below 4810 zone. 4760-4730 will be the next target for nifty after the violation of the above said levels, where it'll attempt for another bounce back. But further violation can very bring 4640 in a whisker.
Resistances: 4910 and 4940 is big time important. later one can also be the s/l for short term shorts initiated. Above that Nifty can certainly add some more fuel to it's yesterday' bounce for the targets 4970/75-5040-5065/70.
Can be a range bound session before giving any valid buy/sell signal. So waiting patiently can be a prudent decision as the follow up move can be a larger one.
Resistances: 4910 and 4940 is big time important. later one can also be the s/l for short term shorts initiated. Above that Nifty can certainly add some more fuel to it's yesterday' bounce for the targets 4970/75-5040-5065/70.
Can be a range bound session before giving any valid buy/sell signal. So waiting patiently can be a prudent decision as the follow up move can be a larger one.
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