Nifty Technical View 9th June 2010

 Nifty witnessed overall the downside consolidation phase for the first half & in the second half of trading it witnessed some sharp correction. Technically the next support for the Nifty future seems to be around the level of 4850. Closing below this support may drag it the Nifty future till the lower levels of 4700 to 4710 in near term. I had already recommended that one could go for sell on rise in Nifty future. For tomorrow intra day trading traders can initiate the shorts position below the level of 4930 for the targets of 4865 to 4870.