UPDATE:
NIFTY SPOT ACTION:
==>> FIRST BOUNCE FROM MENTIONED MINOR SUPPORT 4860/80 TO GIVEN POSSIBLE EXPECTED TARGET / RESISTANCE RANGE 4902/50 (HIGH: 4949).
==>> FAILING TO BREACH 4902/50 AND BREAK BELOW 4860/80 FORCED NIFTY TO TEST BACK REPEATEDLY SHOWED SUPPORT RANGE 4765/4800 (LOW: 4770).
==>> HOLDING 4765/4800 NIFTY BOUNCE SHARPLY AND FILLED MORNING GAP.
NOW???
==>> AGAIN THE SAME LEVELS ON ACTION ARE EXPECTED
==>> HOLDING 4765/4800 IF BREACHES 4860/80 ON HOURLY CLOSING, THEN EXPECT RE-TESTING OF 4950.
==>> BREAKING ABOVE 4950/56 ON CLOSING BASIS WILL ALLOW NIFTY TO SEE SHARP RISE TOWARDS 5008/30 OR UPTO 5070. MOVE AND CLOSE ABOVE 5070 AND THEN ABOVE 5135 MAY TURN SHORT TERM TREND UP. IN SUCH CASE ONE CAN EXPECT SMART RECOVERY AND RISE TOWARDS 5345/75.
==>> INVERSELY, MOVE AND CLOSE BELOW 4765/4800 IS LIKELY TO FORCE NIFTY TO GO THROUGH SOME PANIC SELLING WHERE NIFTY MAY TEST 4650/80 RANGE....AND MAY BE 4530/38 AS WELL.
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