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NIfty has good support in 4780-4800 levels

Sensex shut shop at 16353, down 387 points and Nifty at 4846, down 124 points from the previous close. CNX Midcap index was down 3.68% and BSE Smallcap index was down 4.42%. The market breadth was in the negative with advances at 113 against declines of 1174 on the NSE. Top Nifty gainers included Wipro, Tata Motors and Sun Pharma while losers were Reliance Capital, Hindalco and Unitech.

Next support is 4780-4800 levels,its this level that given extra fuel for our market to move to 5200 levels.Trend line drawn from march lows are now broken decisively in two days trade also.Traders expecting a bounce back to this trend line. See chart for more details.