Yesterday I had indicated that the Nifty is likely to take temporary support at 4625-4640 levels. The Nifty touched a low of 4634 and rebounded to close at 4715.
Consider intraday crucial support at 4695 and 4653 for tomorrow.
Upmoves are likely to get resistance at 4758 levels and a major resistance at 4800 ( remember earlier support of 4800 becomes resistance now)
Even on the weekly charts The today's low of near 4600 is crucial ( see my earlier blog "Pray we don't see 4600")
The fight between bulls and bears continues and it seems the bears are in overall control. Let's see how the controls shift in future!
Happy trading !!
CA Rajiv D Khatlawala
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