En route to test the various support levels mentioned below. 5147 should provide brief support for the market. 'Capitulation' seems to be word of the season!
Although, plenty of supports exist all along the way until 5000 , meaningful ones would be - 5305- 5223- 5147 - 5030 - 4770. Ideally , I expect Nifty to cut through various support levels in a brutal fashion with bouts of shallow short covering from here on. This is precisely what I meant by ' a phase of capitulation ' if you had referred to my earlier post.