Nifty: Resistance 4880/4905/4936-4949/4990
Support 4848-4831/4800/4770/4725/4700
Nifty had an extremely volatile session, amid weak global cues. Nifty traded in a wide range of 100+ pts for the day & added on to previous losses. For today, nifty may open flat/-ve. Immediate support @ 4848-4831 zone. Sustaining below this, nifty may turn more weak for some selling pressure towards 4800-4770. Nifty has strong support @ 4770 zone [closing basis]. If held we may see some buying coming in. On up side, resistance pegged @ 4880 & 4905. Sustaining & closing above this zone, nifty gets +ve for some short covering towards 4950-4990 zone. Traders may utilize dips to buy for some short covering rally.
Trade with levels.
Happy Trading.
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