Price action - Daily: Doji formed on daily. The prices gapped up since the Indian markets were closed for the day on thursday and western markets were rallying. 4720 area again has proved to be strong support zone for the time being.This means that we are back into the trading range of 4720-5000. 4930-4910 are strong resistances now. Below 4850-4830 and then 4780 are good supports.
There have been positive divergences in the indicators with the lower swings in prices. But the indicators have not given a buy.
Price action - Weekly: Doji formed on weekly as well. The trading range continues. Prices are consolidating in the given trading range. Indicators are in sell but no fresh short positions should be taken. For new positions prices have to move higher or lower to be triggered.
Conclusion: We have certain shorts in the market and the gap down opening if there is and then hourly close can be used to cover the positions otherwise stay with them.
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