First day of new settlement series.

On the first day of new settlement series nifty bounced up and from there drifted downward.At mid day this drift aggravated and finally lost ground to close nifty at 4712.

• US markets were lost ground hugely on Friday's trade but gain some ground (but not strong) on Monday's trade.
• Asian markets are red -to - flat.
• FII data net buying in stocks futures, index futures, cash.
• F&O nifty future added 4.2 lakhs with discount in futures.
• Option writing shows more calls O I addition at 4900,4800,4700, 4600 too and put addition at 4600,4500,4400 puts. SGX nifty 4655 at present - 41 points.
• Technical indicators are in over sold zone.
• 10 days of continuous fall and may bounce at any time.
• Nifty support levels 4580-4350.
• Resistance 4800-4880. Today's pivot is 4750.

Over all view: As the markets are falling for the last 10 days we may expect bounce at any time. Also as per FII data in F&O first time more buying in index/stocks futures this may be first sign of support to markets but it should be analysed with one more day's data. Today trade with reference to 5 day chart and with pivot point of 4750. Any bounce is expected up to 4880 only. Even Monday's trading of US markets are not referring strength. Hence, overall view of world markets is negative. But, wait for a bounce for shorting market once again for a target of 4350-3950 to the end of November/first week of December.