Worsening currency rate situation and global cues make an ideal set up for Nifty to open gap down and continue its downward journey to close at the lowest level of 2011 today. VWAP at close is 4703.
Nifty closes @ 4706.
1) Nifty should hit newer lows in the coming sessions with worsening global cues and the rising volatility. Some support can be expected at 4530-4480 level.
2) Fresh buying will now come only if this trend gets halted and Nifty gets a close above 4750-4800 zone consecutively for 5-6 trading sessions. Happy trading :)
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