Observations & Possibilities:

• Nifty has broken 4960 decisively.
• In short term 4850 & 4620 levels are possible on downside for Nifty. 4200 possible in few months  on NIfty.
• Intermediate trend of Nifty will turn UP if  it  closes above 5210.
• The  red trend line in the chart is important supply zone.
• Moderate risk in initiating  fresh long term investment. ( See Stocks which turned  bearish  today  at the end of this column)

Market Technicals:

Market Breadth : 0.10

Market Trends : Short  term trend of market is down. Intermediate trend is DOWN.

Intermediate trend of market will turn UP if market closes above 5210 for Nifty.

Support levels for Nifty are 4840 ,  4800 , 4680 , 4200 , 3500.

Resistance levels for Nifty are 5050 ,5120 ,5200,5280 ,  5340 , 5400

Long term Bearish Stocks : ACC , SAIL , Reliance Power, Reliance Infrastructure, Reliance Industries ,  Ranbaxy Lab , Power Grid , Idea ,Gujarat NRE , Hindalco , NMDC , NHPC , Triveni Eng. , Mercator Lines ,  Jindal SAW , IDBI Bank , GTL Infra , Fortis Healthcare , Century Textile.

-Nishant Kalaskar.(9881575125)

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