Nifty Support 4875 Won't Hold - Kailash Pareek

Today (Friday)'s fall was indicated in the last two posts on my blog. In my view, the worst is still not over. But, there is a pattern in progress which is overall bullish.

The 1st support for Nifty spot is 4970–75, but I don’t think it will be able to hold. The 2nd support is 4875-80. While this is a better one, my experience says it does not seem well for this level too. The 3rd is 4775-80 now, and this is what I am looking for. So, we may see some more downside, but remember we are still in bull run, in long run.

According to the pattern, Nifty has to stay above 4700. For me, this is the point I don’t want Nifty to break. If Nifty acts as I guess, then we can see 5450-5500 Nifty within this month.

Here are some calls for Monday:

RNRL - Short below 105 for target 100.50. If it goes below this, then some more downside is possible.
DLF - Short below 624.
Voltas - Short below 175.
PTC - Short below 91.
RCom - Short below 533.

One thing I must say: Try to book at least half your profits intraday.