Friday's sharp U turn after touching 4690-4700 levels must have caused some concern among the bulls. Also, the fact that Nifty finally gave up 4600 means that Bears will have an upper hand at least in the morning trades.
4550-4520-4485 are the levels to watch on Monday. Nifty needs to close above the lower support to end the correction and continue its upward journey. Below that, we may not only see profit booking but fresh shorts which can take the index back to test 4400-4360 kind of levels. Above 4620-4650, bulls will back with force.
Nifty resistance for today are: 4580-4620-4645-4705. Supports are: 4550-4520-4490-4455
Nifty options tips
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