Nifty has support at 4330: Gaba

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Technical Analyst, Prakash Gaba:

We said 'The market now looks like in a state of flux and undecided. We are in an F&O expiry week and volatility is expected to be at its best'.

The market unfolded once again very volatile, first a swing of 500 points down and then a swing up of 1000 points, volatility at its best.

Structurally the market has shown resilience and looks like a confirmation of a bottoming out formation after a strong cycle day of 16th July that we talked about few weeks back is on the cards. Our technical targets of 15572 still stands.

The strong support for the Sensex is at 14350 levels and the resistance to the up move is at 15572-15741.

On the Nifty front the exists a strong support at 4330 and strong resistance to the up move at 4620-4723.

From a trading point of view I would stay long and buy dips on the way up towards 15572.