Firstly Nifty recovered more than 55 points after minor intraday consolidation but faced resistance at 4900 and slipped sharply. Bearish markets and complete confirmation is must for any support formation,let it happen first then decisive up moves will be considered.
Although Indian markets are slipping sharply from higher levels but getting minor supports at lower levels also and it was again seen between 4830-4842 today. Confirmation will be sustaining above 4830 after complete consolidation and then any up move will be considered.