Nifty reversed from the well discussed zone of 4760-4730 by hitting a low of 4757 on the last session. Nifty still in a downtrend, but a correction against a 550 points fall can also lead towards a healthy upmove.
Supports: Supports for the day lies @ 4865 & 4845, reversal from 4757 is having pivot on those place. Intra bulls will try to hold that. A confirmed break below 4920 will bring more weakness though and it may head towards 4760-4730 again.
Resistances: 4896/4900 is immediate. 4938 will be pivotal for the day for an immediate breakout towards 4975/80-5010/15.
Sensex the next Multibagger .... a technical view --
Stock Specific Views:
Many index stocks have come close to 200 dema and also to support levels.
Some of the stocks and technical views on them.
DLF, like Nifty, is closer to a short term bottom with its "iv" wave on. On the completion of the "v"th wave, it will reverse up.The impulsive or corrective nature of that reversal will determine the magnitude of that up move.
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