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Nifty witnessed a weak and Volatile session and closed with significant losses besides losing the vital 4850 level.
* Level wise, closing below the vital 4850 levels may depict strength of the bears in the forthcoming sessions.
* Broader market witnessed selling across the segments and midcap, small cap and Large Cap were strong. Owing to this, bulls outnumbered the bears with significant margin.
* Due to profit booking Nifty stripped of its 9 day’s SMA placed at 4807and closed below its vital 14, 50 & 100 day’s SMA placed at 4921, 5027 & 5142.
* VIX, the barometer of uncertainty, closed at a higher than average level of 26.87, indicating a more than average volatility in market in the forthcoming sessions.
* RSI (14) for the session was at 39.63 levels and MACD closed above the signal line.
Market may continue to witness some range bound movements in forthcoming session amidst higher volatility
Nifty level
R1-4832
R2-4915
S1-4790
S2-4707
BUY EROS MEDIA ABOVE 222 TGT 227 & 232 SL – 218
BUY NIFTY ABOVE 4832 TGT 4870 & 4912 SL 4812
