Is market taking pause for further gain. I do not know. I think market is in consolidation phase due to overbought state of the market. Market itself is now trading in rice/Earnings ratio of around 20, any thing above 23 we consider as overvalue so be very careful in your selection of stock. Indian VIX has been increased from 1.8% to 2.48% indicates uncertainty.
Tomorrow If Nifty sustains above 4892 after opening then first resistance is 4914 and next 4941. After rise, If Nifty unable to sustain above 4914 then short can be initiated at 4910 with stop 4920.
If Nifty stays below 4883 then first support is 4861 and next is 4844. If Nifty sustains above 4861 then long can be initiated at 4865 with stop 4855
Best of luck.
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