Nifty(4812.35): Looking at pullback since 5325, they have been extremely short-lived and less than 90 points, pointing to a very strong supply.
On the daily charts we have an “inside day” pattern, pointing to some indecision in the short term trend. Crossing the borders of the inside day resolves the indecision and often provides a directional move.
Given the fact that the drop from 5325 has been almost one-way, it is a bit doubtful that markets have enough energy to break the major support at 4720. BUT there is still a window of possibility. So, if we see Nifty breach 4765 there is a shorting opportunity with a stop above 4855 for a new low below 4720. If you want to be aggressive, it is below 4782. Likewise, on the higher side if Nifty breaches 4855, a long trade potential exists for atleast 4920. This is a discretionary trade set-up, will alert by sms if there are any stock specific trades.
As mentioned before, supports below 4720 are at 4650 and 4530.