Nifty immediately after opening slided in the negative zone till 4849, but today the bulls were on the front seat. There was some fresh buying and some short covering till 4915,because of the good support at 4800. Bears again tried to trap the Bulls by fresh shorts and the Nifty again tanked till 4849. But at 4849 Nifty made a double bottom and the rally continued till 4936.65. Today’s market session was highly volatile.
Since last 2 consecutive days Nifty is taking support at 4800 levels that proves that this is the “Father of all support’s”. Short covering in Nifty can be till 4950-5070-5200. Support still remains the same. Watch out for these crucial levels.
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