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.

Nifty Support at 5030 - Inder Bhatia

The Indian market closed in deep red, due to heavy selling pressure across the sectoral indices. If the Nifty trades below 5060-5030, it could test 4960 levels. However, Nifty would find support at 5030, which is its 200 EMA on hourly basis.

Spotlight: Dhaval Thakkar

Among analysts I have met one has caught my attention. His name is Dhaval Thakkar. I usually do not recommend anyone, but I have been observing his calls. Intraday he has been spot-on. His ID is dhavalthakkar2004 on Yahoo.

If anyone knows more about this analyst, do leave a comment under this post.