Euro problems have really take the rest of the world for granted. As mentioned in my last update Nifty had closed below the 100DMA last friday. Today nifty broke its support level of 4980 and closed at 4919.65 down by 146 points. Nifty dropped and closed below its 200 DMA. Since May 2009 Nifty never closed below the 200DMA. For the 1st time it closed below its 200DMA.
For immediate support will be seen at 4890 levels, but the movement may lead to break the same and Nifty could fall down to its next support levels of 4850 levels. In the past also we have seen that 4850 seems to be a very good support level.

RIL close below 990 tgt 960