For the day the level of 4870/16280 may act as a major support for the market and sustenance below the same may
lead to gradual sell off towards the key level 4830/16160. Around these levels, some short covering is not ruled out.
However, if it fails to survive above 4830/16160 in the second half of the trading session may trigger fresh weakness
up to minimum level of 4740/4750 (15840).
In case the market survives above 4870 at the beginning then it may again try to reach 4935/4950 levels and
sustenance of the market in the second half above the same may lead to one more short covering rally to the level of
4990/5000.
Nifty Strategy: Sell Nifty around 4925/4935 with a tight stop loss at 4960 and target of 4870. Sell Nifty below 4870
with a stop at 4900 and keep a target 4830/4800. In case the market sustains above 4950 in the second half of the
trading session then enter into short term trading buy in Nifty with a target 5000 and stop loss at 4925.
