On Thursday the level of 4885 acted as a major hurdle for the market as sustenance below the same in the second half
has turned down the sentiment extremely weak. The recovery from the lowest level 4765 was improper as it failed to
retrace 38.20% of the current fall and closed on Thursday to the lowest range of the short term distribution pattern at
4820/4830 (16130).
As the global cues are weak the gap down opening is certain to the next major support 4700/15870. In case the
market fails to respect these levels then the sell off may extend till 4535/15330 in the near term (intermediate support
level). Any revival should be use to increase cash levels in the portfolio and at each resistance levels add put options
with a medium term view.
