Nifty witnessed the yet another downside session and in the end managed to close above 5000 level. In the downside two key levels are 4950 & 4820. We are expecting that once market could touch the 4800 level in this downside rally. We recommend that traders could hold the short position in nifty future for the target of 4900 & 4800. In the upside 5100 is looking the major resistance. Those who like to initiate new shorts could do below 4950 level for the target of 4850 with stop loss of 5005.
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