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The market did open flat to positive with seen a very volatile session since morning and ended with decent gain.Market again taken a very good support from its 3 DEMA that was placed at 4761 and then a strong short recovery helped market to close above its immediate hurdle of 4770 again.It was written that remain above 4680 we will see very sharp recovery and the expected levels are 4825-4855 in this rally.Still its looking very hard to me if this rally is going to sustain above 4855-4865 and around these levels we can see another round of selling and market can tank again due to selling pressure.A sustained trade below 4764 will lead the further fall in the market that will help again to 4670 level soon.as long as we are above 4764 for the time being,fresh selling is not advised near this range.
Resistance : 4800 / 4830 / 4870 / 4920
Support : 4760 / 4725 / 4670
Resistance : 16175 / 16270 / 16380
Support : 16060 / 15960
Resistance : 4795 / 4835 / 4875
Support : 4750 / 4710 / 4680
Resistance : 8775 / 8850
Support : 8695 / 8620 / 8540
NIFTY FUT OI down 2.29% with 34% decreasing volumes indicating unwinding of long positions.
We expect NIFTY FUT to trade volatile.
Buy NIFTY Above 4800,Sl Below 4780,Tgt 4825/4850/4875/4910
Sell NIFTY Below 4780,SL Above 4800,Tgt 4755/4730/4705/4670
SBIN (2205), Sl Below 2190,Tgt 2225/40
LNT@ 1570/75,Sl 1555,Tgt 1590/1610+
Sell BHEL@ 2270/80,Sl 2290,Tgt 2240/2220/2205
Sell REL(1092) @ 1125/35,Sl 1155,Tgt 1090/80/70/60 (Positional Traders Hold It Positionally)

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