Currently the market is in down trend and in that it is in a corrective wave that will keep the trend more volatile and
will not respect levels time-wise. Our analysis suggests us that the market has opened broader trading range between
4800/4820 and 4950/4970. It seems that the market will oscillate between these levels for next few sessions before
falling further.
For the day the level of 4890/16370 may act as a major support for the market and on the higher side there are several
hurdles for the market like 4950, 4970 and 4985 that may keep the sentiment subdued.
Nifty Strategy: Buy Nifty (as per spot) around 4895/4900 levels with a stop loss at 4878 and keep a target of 4950 and
4970. Selling is advisable around 4965/70 with a tight stop loss above 4997 and keep a target of 4895 and 4865. In
the second half, in case the market sustains below 4885 then selling is advisable with a stop loss at 4930 and the
target would be again 4830/4820.
