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The market did open flat to negative with seen selling pressure again since opening and ended with negative closing and also below 4855 which is its strong support and also its 50 EMA.Market as expected again seen short selling and exit from longs near 4970 and finally a round of selling seen in the last trading hours with nifty closed below 4855.We expected selling from higher levels and it was mentioned so many times that market may if not hold the the level of 4945-25 then our lower levels were 4880-4845 and we closed exact at our second support level today.Upper side it will face hurdles now at 4920-4970,while major support now comes near 4810-4785,a breach and sustain below this mark nifty will slide to kiss 4725-4710 in the downside.Any rise will not sustain as long as we are holding below 4885-4920,and for very immediate time nifty will face hurdles near this range.
NIFTY (4846.7) : Close Below 4770,Opens A Gap Of 4550, Which Can Be Filled Soon.
Resistance : 4885 / 4935 / 4960 / 5025
Support : 4805 / 4745 / 4725
Resistance : 16795 / 17250
Support : 16110 / 15865
Resistance : 4925 / 5010
Support : 4795 / 4755
MKT COMMENTS
NIFTY FUT OI (both series) up with increasing volumes indicating forming of short positions in next series.
We expect NIFTY FUT to trade volatile with possibility of bounce.
On Wednesday,Opening Is Flat To Down,
Buy NIFTY Above 4875,Sl Below 4850,Tgt 4935/70
Sell NIFTY Below 4860,Sl Above 4875,Tgt 4795/55
BUY
BOB Above 495,Sl 490,Tgt 500/505/510
LNT Below 1545,Sl 1570,Tgt 1520/1505/1490
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