Nirmal Bang has come out with a pre-market research report. The research firm sees support for the Nifty at 4660-4650.
The report says, "The markets showed a smart pullback from their early intraday lows after Nifty hitting a low of 4,675 which was near to its long-term 200-day moving average of 4,655. The market sentiment still remains pathetic as global markets are not providing any positive signs and FIIs are also on the selling mode. But it seems that Indian markets have seen an intermediate temporary bottom at 4,675."
"Support for Nifty seen at 4,660 - 4,650 and only if this point gets violated on the closing basis we see the market taking a sharp downtrend towards 4,500. But if Nifty manages to hold above 4,820 in the near term then it's quite possible that Nifty could again rally further upto 4,870 / 4,950. Any sharp decline near to the support area should be used as a buying opportunity", according to Nirmal Bang.
