The technicals especially the MACD and the Stochastics of the market are suggesting further down move. Nifty may find support at 4825 levels, which if breached will see it go down to 4690 and 4635 levels. However, if the Nifty trades above 4990 levels consistently with good volumes then a short covering rally may take it to 5100 levels. Further dips may be utilized for staggered buying and bargain hunting in key stocks, especially those that have not fallen by as much as the Nifty from its recent lows.
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