The Market opened lower to a given support level 4830 and bounced back to the hurdle 4885 but failed to survive
above the same in spite of several attempts during the day.
For the day the key level 4830/16150 may get broken at the beginning of the day due to weak global cues that may
lead to further weakness minimum up to 4750/15890 in the near term.
On the higher side the level 4830 and a equilibrium level 4845 may act as a major hurdle for the market. Failure to
breach these levels will invite further worries. In case the market survives above 4845/16200 in the second half of the
trading then it will have a positive impact, that may lift the market to again 4885/4920 levels.
Nifty Strategy: Sell Nifty below 4830 with a tight stop loss at 4850 for the target 4750/4730. In case the market
sustains above 4845 in the second half of the trading session then enter into short term trading buy in Nifty with a
target 4885/4920 and keep a final stop loss at 4820. In extreme case buy Nifty around 4730/15800 with a tight stop
loss below 4680 as the oversold recoveries are not ruled out from these levels.
