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NIFTY SHOW - RISE & FALL

Nifty closed in red at 4965 with a mild loss of 9 odd points.The broad market looked somewhat mixed with 651 advances to 809 declines biased to bears.Markets after giving muted to flat opening rose nearly 60-70 points in response to the recovering rupee from its lows,The incoming news flow did create a wave which took nifty above 5000 levels ,but the stringent control of the bears did not let the wave lead too far,in fact after hovering around the day high for quite some time bears started their hunt ,leading the markets to day lows following the close of the today's session.
                                                             Today's  session was a range bound movement,but somehow markets have managed to stay above the 4950 levels.This level being the 61.8% retracement levels is very vital in deciphering further targets.As long as this level is maintained we could expect the "C" wave to build up.Markets have becoming quite sensitive to the news flows due to looming domestic as well as global concerns,in such  scenario markets are bound to show some choppiness.
                           The technical indicators are playing good role in reflecting the overall bearish structure of the markets,in fact they are enriching day by day.Selling off seen today gives us a clear picture that bears are aggressive at higher levels,hence intraday levels should be considered strictly while initiating an intraday trade,because you never know which level could be more vitalizing.I have a cautious view of the markets in coming days.

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