NIFTY 4950 support violated - Could test 4720

Indian stock markets saw panic selling today which brought both the indices SENSEX and NIFTY down by more than 4%. NIFTY today saw the biggest point fall since october 2008. The chance of Greece going default has increased substantially which is creating panic in the system.

NIFTY today breached its crucial support level of 4950 which could drag it to the previous immediate support of 4720. It is advisable to stay on the sidelines and let the panic settle before initiating fresh buy.

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