4920 - Great Wall of Bears

Nifty will face Huge Resistance at 4920...
Going to Short Nifty around 4900 - 4920 with Stop Loss 5040.

As pointed out yesterday Nifty was trading within the hour trading range of 4765 to 4812 till 12:30 pm. The breakout of the trading range was on the upside and hence went long above 4820 and booked profit at 4885 as the daily trend is down and the possibility of the 4th wave ending at 4895 (if my elliot wave count is correct).

Pivot Point

R2 4931
R1 4893
PP 4842
S1 4804
S2 4753

Trendz

Week : Down
Day : Down
Hour : Up (Down Below 4770)
30 Min : Up (Down Below 4790)
15 Min : Up (Down Below 4805)

Thanks