Nifty is very close to our short term downside target of 4750-4800 level. It seems it is likely to bottom out in the short term in this area and it is likely to be followed by a short term rally towards 4990. Those who have already shorted Nifty Futures can book profit and exit short positions. Fresh Long positions can be initiated if it fails to move below 4750 in another three trading sessions.
On contrary to the expectation, if Nifty fails to sustain above 4750, then continue to hold your short positions with a stop at 4860.
