Nifty made a high of 4910 low of 4755 and closed at 4764 which is 102 points down from previous close.
Nifty was holding the support of 4840 but on the announcement of weak IIP data it broke the support and reached the next support of 4755.
Further supports are 4755 , 4690 , 4630
Resistance are 4840 , 4920 , 4970
Nifty has to find support at 4755 .
if not and Nifty comes to 4700 - 4730 we can consider buying with stop loss of 4690 for the target of 4840 , 4860 and 4920.
or if Nifty trades above 4820 it can be bought with stop loss of 4730 for the target of 4860 , 4900.
As this week is full of Data week more volatility and whipsaw will be there so be cautious and trade with strict stop losses.
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