Nifty did one more low around 4950 which is considered to be an important level in the long run. Some of the major large cap banking stocks like SBI and AXIS bank are in the oversold territory and wait for a bounce for further short build up. Price correction is a little ahead of time correction and if it corrects further to 4800 without a bounce one should definitely search for buying opportunities.As per time cycles the actual dates are lagging and the price levels are leading thus a quick bounce is not ruled out from any of these lower levels. After some major relief rallies it is expected to trade lower till 4800 in the short run. Lets wait and watch whether the rallies could extend to 5050 or 5100. If it breaks down tomorrow itself we could see panic bottom in many stocks and in that case investors should have the mind set to do some shopping in equity market. Volatility index was still on a rise but decreased marginally during the final hours of trading indicating some short covering happening at lower levels close to 4950.Lets keep a range of 4910 - 5050 and use the upper bands as levels to exit.
