Yesterday bulls were able to push the market a bit higher, but then bears immediately took over towards the end and the close is almost near the day's low. Pattern-wise, it has formed a bearish change of guard pattern and signifies the continuation of the medium term bearish trend.
Though the bearish move towards 4590 levels breaking the 200 DMA (currently at 4662) is expected any time, there are also chances of the markets consolidating before that.
Any move above 4830 would trigger the next round of short covering till 4885 levels, but bears having strong upperhand right now might not allow that to happen.
Resistance levels : 4782, 4803, 4830
Support levels : 4737, 4719, 4670
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