Nifty closed above 5000 level after a strong correction till 4962. We had already mentioned in our previous reports that 4950 is the crucial support for the nifty future. Closing below 4950 could slide it till the lower levels of 4830 to 4840 in near term. We recommend that traders should hold the short position in nifty future & those traders who like to initiate the new shorts could do it below the level of 4950 for the targets of 4840 to 4850 with the intraday Stop Loss at 5005.
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