Contrary to the expectation of bulls pushing Nifty to a new high and close for the expiry, it was the turn of bears that took complete control and pushed Nifty even to sub-5000 levels.
More reason as to what went wrong from the bulls is given at http://www.stockezy.com/opinions/4335/a-5159-close-will-bulls-be-able-to-give-the-final-push-for-the-expiry/
Now that a new series has begun, lot of pessimism has already set in. It still doesnt look like a straight fall from the levels that we have seen. Around 4885 levels, as mentioned earlier, should provide support and it is likely that markets will consolidate around 4950 levels for a final push towards a new high. The reasoning is again that there has not been widespread increase in volume and momentum has not yet kicked in.
It is better to wait and watch for a few more sessions before making any directional bet.
Resistance levels : 5023, 5050, 5066
Support levels : 4950, 4924, 4882
Happy Trading
www.tripleint.com
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