As of now Nifty is holding 4900 levels and there by establishing it as a major support zone. Apart from the short positions we could see that people were trying to square off their buying positions they have initiated at 4900 levels. If you see some of the large cap stocks like SBI and AXIS bank it is evident that they are coming to test their major lows once more which is very common in forming a base in a bear market . If nifty breaks 4900 there is a possibility of going back to 4700 - 4750 levels. The major reason could be , if we analyze the buying positions lot of buying has been initiated at 4900 levels, so the selling pressure would also be there below 4900 levels. Nifty held our range on the upside at 5030 levels .
(Followed by weekly prediction for next week)
dude excellent work
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