Nifty update for 22nd November

It failed to give a major bounce today also..on every small rise Nifty was under huge selling pressure and it is a wait and watch game now. First is to test the low of 4720 but one should not be short in the market to fix that as the target.One should be squaring off the shorts at any level below 4800 and wait whether 4720-4700 would be taken out.Either one can sell on any rally or below 4720 levels for a new low.As i said in my previous posts once nifty comes down below 5000 banks would break 52 week lows and that is what you are seeing every day. As an investor one should start building up a portfolio below 4700 by buying in small quantities.For a nifty trader he should watch for nifty's 52 week low as a major point to decide the trend. All the technical indicators are deeply oversold thus play a bounce based on the movement of dollar and European markets. Dollar is at a dangerous level of 52+ and even if it comes down there would be a secondary rally for dollar to top out. Thus evidences suggest that Nifty should cross 4720 on the down side to be in proportion with Nifty.Anyway this week a bounce back is due and play carefully on both the sides , let it be short or long but one should be a seller on every rally.