The top we picked @ 5165 to book our positions, proved quite useful as Nifty showed consistent after that high made on 20th. One thing I am more inclined think is the amplitude of the first fall on the larger chart. It's still not exhibiting any clear wave count (actually it's showing, and the amplitude of first fall is 5168-4972, almost 200 points), that way the corrective on daily chart (not considering the impulse 5 wave down move as of now) will be deeper enough.
Supports: 4820-4800 is immediate support, below that 4777-4740 can be some zone to book positional shorts once and wait for a bounce to reenter.
Resistances: 4865-4890 is hurdle for the day. Above that 4910-4940 can be a place to reenter positional shorts. Will update further moves.
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