Yesterday nifty sold off from 5099 which was 60% retracement of the downmove from 5399 to 4639. The selling continued today and took support at 4922 which is 38.2% retracement of the upmove from 4639 to 5099. Global scenario is not supporting bulls right now and nifty may continue its downmove tomorrow also.
Nifty Ahead: Due to global pressure, today Nifty may open gap-down. Immediate support comes to 4921, breaching which it may start fill the gap of 1st December 2011 and take support at 4810-4825 (61% retracement of 4639-5099) zone. Until Nifty closes below 4815 it is buy on dip although intraday shorts can be created below 4921.
Trade: Sell below 4920 NS with SL at 4960 for target of 4860 NS, 4830 NS , 4800 NS.
It is advisable to get out of conservative long closing below 4815.
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