Despite of positive global cues, Indian market once again dropped around 1%. Following the cues the market started well in the initial hours of the session but drifted lower in the last leg of trade due to F&O expiry. Nifty Swung between 4915 and 4827 (High and low of the day) and finally closed at 4840 down by 49%.Nifty Futures Shut its shop at 4888.90 down by -60 points or -1.21 %. Now it is taking support at 4800 level below which the terrible downfall seen till date in this month may continue. Technically 4912 would be required for a better up move.
Support for Nifty is in 4800-4665 zone whereas resistance levels are 4912-4975.
Day Traders should take any position only if substantial move is seen in the market