Nifty: Resistance 4848-4858/4888/4911/4949/4999
Support 4820/4800/4777/4700
As we were writing cautious view from past couple of sessions, and finally Bears showed, why are they dangerous when they are in full swing. {Refer to 22nd Oct View , where it was written : "Closing below 5000, may dampen the sentiments further, so, be hedge / exit leverage positions below this level. "}.
Nifty opened / remained with -ve sentiments & selling was witnessed with high volumes which led Nifty to close at 6 week low led by Reality & Bank Stocks after RBI policy. But be cautious in shorting at lower levels, as all indicators in oversold position, as some bounce can happen from lower support zone.
Nifty has immediate major support @ 4820 (Closing basis).
Expect flat/-ve opening in Nifty in line with Asian Market.
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