As the market moves close to 4800 support the NH-NL Index has given a fresh low in the current move. New highs were at 4 while new lows were at 53, Civil Construction Industry group leads the losers list with 5 out of 34 constituent stocks registering new lows. Many industry groups have come into the new lows band wagon on Monday. As bear pressure increases on the market, NIFTY is likely to overshoot 4800 support. If the market adds more volume strength followed by failing leadership, a new low on the index will become a reality.
As any direction that a market takes will not be a one straight journey, be prepared to short the Nifty when it reaches value zone both on the intraday as well as on the daily time-frames. Some of the best ranked stocks in the market at present will give a good opportunity to trade long. Check out our list of 'Ready to Take Off' stocks and track them closely for high probability winning trades.
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