JERK DOWN

Overbought in Daily charts and inability to stay over 4715 led to market reversal. Now, the resistance is Nf 4620-4628 with support in the zone 4532-4474. Market likely to be subdued till 12th August due to NHPC IPO which opens today. Daily charts are negative while weekly indicators still positive. Monthly Pivot is NF 4400-4420.