The market opened higher but failed to surpass the level of 4930 successfully during the day. However at the same
time it has not broken an important support level 4885 in the second half of the trading session. The excess pull back
to the bear move and resiliency around major hurdle indicates at more complex trading activity for next few days.
Currently the market is near to its major hurdle 4920/30 (16470) above that it has next major resistance at 4955/16580
and at 5000/16730. In the extreme case we may expect the market to reach 50% of the entire fall but in case if it goes
higher then that means the market is not as bearish as the street is expecting.
On the lower side the market has several supports at each 20 points fall (4880/4860/4830) that may lead to gradual sell
off. Especially the level of 4830 may act as a major support as well as the trend decider level for the market. As per
overall formation the market should hold 4830/1616 level on a closing basis if the pull back is genuine but if it fails to
do so then the dip could be more severe.
