Nifty never did manage to go above 5135 as discussed on last post and finally slipped below 5080. 5042 zone did not hold and it did sharply come down to 5017.
Supports: As shown on above charts, 5002/4997 can really be very strong support. Short initiated today after the failure to cross 5135 or violation of 5080 need to be booked here once. Though below this down move can acquire more pace to reach 4960/50 zone. Violation of these two levels should confirm the trend reversal for immediate term, which look like a correction as long 5000-4940 zone is holding. Below that immediate positional target for Nifty will be 4890/4910-4820/10.
Resistances: 5050 will be initial hurdle for the day. Above that some more upside can come which can target 5085/90 where it will be tested biggest by the bears. Above that down move may take pause again and resumes it's uptrend.
Strategy: Go for the bounce if dip comes first or short if bounce comes at first session. Will be comfortable shorting on bigger bounce as we are closing important supports.
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