Nifty Future if moves above the resistance of 4718-4725 it will rush to 4768. The upper resistance remains 4781-4802.
However a gap left in daily charts at 4781 could be filled today. On the higher side fresh buying can be seen only above 4781.
As Nifty future has closed below its important support we cannot rule out possibilities of panic selling that may drag it towards 4600 mark.
However, though the market has corrected nearly 15% from the top, I suggest that still the time for investment has not come yet. The higher inflation, higher interest-rates, global and political situation will continue to affect the market.
The Nifty weekly chart clearly indicates supply on higher levels.
Capital preservation is more important than earning profits.
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