Yesterday again markets went below 4444 levels and also broke the range of 4409 on the downside and closed below that.
Though it set a strong bearish tone at the beginning, it recovered in the end and NF even closed in premium.
Now the expectation is that the market will recover significantly, thanks to global cues...but then it is pretty much under bear grip as long as 4490 and 4507 level is not broken and a break of 4375 level today will immediately see markets moving to 4324 and 4302.
The put-call ratio yesterday is exactly at 1. So it could still be anybody's battle, but I favour the bears.
Resistance levels : 4428, 4444, 4480, 4507
Support levels : 4375, 4350, 4324, 4302
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