Nifty opens gap down at 4874 and takes support at 4830 levels to retrace the fall and cover the gap down from previous close level and closes the weekend @ 4867. VWAP @ close is 4877.
1) Nifty is very bearish and trading below all short term EMAs. Reversal level will be 4935 and above only.
2) Below 4835, support level is 4785 and 4690 now. Next week is the expiry week and wild swings either side of 4935 needs to be traded by intra day players.
3) Due to increased volatility the swings up and down will be sudden and sharp. An analysis of the VIX (volatility) is also attached and VIX level is likely to cross 40+ sooner than later. Trade safely. Happy weekend :)
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