Nifty ended on a negative note though it attempted a pull back from our support levels of 4820.Interestingly Dollar once again rose to 49.50 + levels and it is moving close to its two years high of 49.80-49.90 levels . Dollar index is also threatening to enter 79+ zone which is a dangerous sign for a bullish market in India. It is better for Nifty to test its 52 week low of 4720-4750 zone and thus let it confirm the bottom and then one can comfortably enter the buying zone . As far as equity investors are concerned i would be a buyer at any level below 4700. One should start building their portfolio now it self and in case if Nifty falls to 4300 levels one's portfolio should get completed at that level. Nifty could remain in a range of 4600 - 5130 till 10th of October . Thus i am not expecting a major break out till that date . If nifty has to touch 4720-50 levels it should happen on 4-5 th of October and any bounce from those levels could be extended
up to 4930 - 50 levels.
Any pull back from current levels also could also extend upto 4930 levels from where we witnessed short positions on Friday. Any up move can be expected only after those shorts getting covered above 4950 levels. Till then i would better believe Nifty to retest its low's
