As we predicted nifty lost almost hundred points on August 14. Asian markets are up this morning. However oil is back up at 114.60 after falling to less than 112 last week. We don't have a conclusive take on the opening. Today will also be market's first reaction to 12.44% inflation data released on Thursday.
Trading Strategy: The next support for the nifty is 4400-4410. This is a strong support. If this does not hold consider shorting. Stop loss should be 4474.
Supports: 4400-4410, 4346
Resistances: 4474,4533
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