Bears dominated the markets right from the beginning with a gap down and pushed Nifty beyond 4700 levels.
The short term target of 4710 has been reached and the next question of how low this market can go is more important.
Considering the fact that the 200 DMA is currently at 4634, there is more reason to believe that there will a test of that level soon.
Any break of 4634 would immediately push the markets to 4590 levels and that would complete the bearish trend for the short term and only a strong bounce is expected.
Resistance levels : 4735, 4765, 4796
Support levels : 4685, 4670, 4634
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