A gap down opening at 4980 levels and market never attempted to breach the opening level with the poor IIP numbers and Nifty took support around 4910 and traded without significant volumes with a highly bearish bias. VWAP @ close is 4944. Nifty closes @ 4947.
1) Reversal level will only be close above 5030 now. So market is short on rise mode for intra day.
2) Below 4930, Nifty should now test 4890-4850 levels within a couple of trading sessions.
3) The data of IIP numbers are very weak and now the event of the RBI policy announcement on 16th September assumes significance. Till then market could be range bound between 4850-5050. The bias is negative. Happy trading :)
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