NIFTY is expected to open gap down and reach next support of 4830-4810 or even further down. Today we saw some recovery which gave short cover opportunity for value traders. There was also new short trade at 4948 levels while price reached value zone. Weekly, Daily as well as hourly all the charts are in strong trend mode. Resistance moves down to 4960-975 levels.
Hold on to exiting shorts along with new entries, just follow the trend and reap good rewards.
Sectors had mixed performance today, all of them oscillated between 0.5 to -1%. Stocks in the BASIC MATERIALS and ENERGY sector is likely to witness strong bear moves. As we write European markets have closed with above 2-3% losses while US market has hit close to 3.5% weakness.
Any effort by the governments across Europe and US are not able to hold the markets up. Each move is adding more fuel to the fire. Our market is the only market to have closed positive today, will we face the worst in the weekend session???
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