Tuesday's session has clearly shown pressure around the 4,900 levels. The Nifty slipped fast after testing the same intraday.
The pullback looks weak as markets could not follow through after Monday's rebound.
The 61.8 per cent retracement of the fall from 5,020 stands around the 4,930 mark and the 21-day exponential moving average (DEMA) stands at around 4,950.
The fact that markets are trading below the 21-DEMA clearly indicates that even the short term trend is down.
The medium term reversal levels continue to remain at 5,050, meaning that short term and medium term views remain negative.
Traders should continue to hold shorts on the Nifty with 4,906 as a stop.
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