Wrapping up the day’s action, take a look at the chart below and also the one I posted in the morning at the opening. I had mentioned it would be prudent to go short once the yellow band gets broken decisively. It never happened and after frustrating the traders for most part of the day and occasional bouts of volatility Nifty Futures did try to take a dig at 4650 only to retreat again.
4650/75 remains a good resistance (maybe we will be better off gapping up this one too!!!!) and as for supports now the bulls need to defend the newly formed moat at 4560 and of course The 4450!!!!
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