After the huge sell off last Thrusday & Friday, markets bounced back marginally. With an extra day to the trade on Saturday, markets did not showed any improvement. Today on the start of the week, markets opened strong, but slide down nearly 200 points. Nifty slide down below 4700 levels. Post lunch markets did pull back. From the low of nearly 200 points Sensex rallied covering all its lost points and within few minutes it was up by almost 100 points. But Nifty failed to break its strong resistance level at 4800 levels. In the early hours of the trade, Nifty futures was trading at discount, but post lunch session, short covering lead Nifty future trade at a premium to Nifty spot. In the last 4 months Nifty had good strong support at 4800 levels. Now for the first time Nifty fell below 4800 mark. It seems so that 4800 levels to crossover will be certainly difficult. 2 days consecutive close above the same will decide the trend. Till that time, markets will surely be under pressure.

Nifty intrad day chart had made a DOJI pattern at the lower end. Tomorrow's pattern will decide the trend. Either side movement can be there. As the Nifty has recovered from its Oversold zone, we might some pull back. As mentioned in my earlier blog also that Nifty below 4700 levels, will slide down to 4666 levels. Nifty made a low of 4675, almost at the levels given. Nifty will continue to have support at 4666 levels. Nifty is almost near to its 200DMA i.e 4657.