TECHNICAL ANALYSIS

The market is sort of pushed into the corner, where the shorts are overwhelming. "The markets are unable to go down on any kind of a bad news. So, it probably has its back to the wall. Its quite likely that you could have a 200-250 points bounce on the Nifty going right up to 4,750. The trigger for that is probably not visible right now, but the market is looking quite strong, as it's unable to go down a lot from here. So, just another trigger and you will see a pretty sharp bump up. This is not to say that this is a final low but certainly we are at the end of a spike, before we come back to re-test 4,635 kind of lows."