Nifty for the day gap down opened and made a high of 4893.6 and its
not able to sustain at that level and made a low of 4796.1 from there
it gave a good pull back and closed at 4845.65 which is 98 points down
from the previous close.
As Nifty is having strong support at 4786 a pull back is expected
which can take the Nifty towards 4932 and near by 5000.
So one can consider buying Nifty in between 4800-4820 with strict stop loss of 4786 for the target of 4925 and 4980. As this trade is a counter trend trade the stop loss should be maintained strictly.
One more thing we have to look is if the Nifty's weekly closing comes below 4800 the damage to the Nifty will be more severe than the past two week.
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