The bears got control of the Dalal Street in the last hours of today's trading session, which resulted in the Nifty closing below 18-month low level. Huge selling pressure on market when the Nifty broke the 4800-mark. The 30-share BSE Sensex plunged 297.50 points to close at 15,848.83 after hitting an intra-day low of 15,765.53. The 50-share NSE Nifty touched an intra-day low of 4,720, before closing the session at 4,747.80 (lowest closing for the first time since February 5, 2010), down 91.80 points.
We recommend that stay away from long term positions and trade in Intraday manner. 

Technical Levels for Nifty- 

Resistance : R1 : 4800,  R2 : 4860.
Support       : S1 : 4650,  S2 : 4590.

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