The rally from 4550 had first major support at 4775 (38.2% retracement levels) then the next levels of 50% at 4860 proved support for the next leg up.
And from last two days Nifty is facing resistance at 76.4% levels of 5024 and the sell off from there took support at 61.8% levels of 4930.
The entire fall in retraced 76.4% times which is a major recovery. Needs to be seen if the current wave is impulse or still a correction.
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