Nifty made a high of 4872 and low of 4720 and closed at 4747 which is 91 points down from the previous day's close.
As we said in our last week post that closing below 4800 will give more damage to Nifty , in this week if it closes above 4830 then the damage can be avoided for time being.
In the daily chart RSI is showing a positive divergence there is possibility for a pull back so if this goes above 4830 there will be a mild relief for time being then it can take the Nifty towards 5000. In the contrary side if the Nifty sustains below and not able to move above 4800 in this week then it can go up to 4600 and further.
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