NIFTY support line

• Momentum of price on the downside is strong. So there is no guarantee that this level is going to hold. Up moves should be able to sustain above day low ema for confirming strength. Breach of the support level at 4720 area on closing basis might take price towards the support line of the channel.
• When everyone expect market to hit and turn from a particular level, market may behave differently. Either it goes up without reaching that level or It breaches the support for a while to trap fresh shorts and then move up. So one shall be careful at these levels.
• S&P 500 EOD ANALYSIS