Few important points for NIFTY. Incase we have another down day today, we might get a sell signal for the index on weekly TF.
Some key levels to watch out for Nifty - 4911 is a critical level. Then come 4865-4875 and then 4825 and further 4800.
38% retracement of the swing on daily has proved to be very strong resistance as the movement above that has been w/o confidence. Hence lets position ourselves for shorts only at the moment. Moreover - we have had a profit booking signal for the longs yesterday - so no longs only shorts.
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