Nifty has a volatile and range bound session today between 4830-4890 with negative bias after gap up opening at 4915. VWAP @ close is 4865. Nifty spot closes at 4840.
1) August series expires on a negative note closer to the lows of the year 2011. Now 4890 remains the major reversal level for targets of 4950-5045.
2) Below 4830, major support level will be 4790 and 4770.
3) A weekly chart of spot Nifty has been analysed and important levels for September series will be 4790-5070-5350. Below 4790 levels, strong possibilities for testing 4570 opens up. A close above 5070 is required in the earning season kicking off in the first week of September 2011 for the market to get buyers back. Happy trading :)
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