IVth Edition: Nifty Next Week

We maintained a cautious note for previous week & Nifty crashed almost 200 points in one week. Now Nifty is getting weaker.
Main Concerns:

• High Inflation Rate
• High Crude Prices
• Political Scenario
• Global markets

Nifty has strong support at 4900 zone on closing basis, below this it may lead to 4840-4770 levels. Whereas trend may be reversed above 5020-5050 levels.If 4900 level is sustained then we may see short covering in this week leading to 5050-5100 level by this expiry.

In simple word, look out for 4900 levels. Risky traders may enter at lower levels around 4920 with 4880 as strict SL for there longs. Small trader are advised to avoid, as volatlity may be seen due to expiry & they may get trapped.

(On long term 4191-4060-3900 looks as a strong support. According to EW Theory 4191 is a gap left to be filled, so be cautious guys.)