The 130 point fall from the top broke many bulls back today. Shorts on the system will be under pressure only if we trade above 5037 now. Till then bulls will have a tough time, Bulls managed to defend the 4900 level today but some might interpret it as a double bottom if we manage to open above the 4953 mark and trade above it for at least 15 minutes only then the Double bottom will come into the picture. Till then, all eyes will be on the 4908 mark and with everyone thinking of 4720, it might end up as a self fulfilling prophecy.

projected trading range is between 4926 and 5029 with strong selling above the 4954 mark.

An open below the 4926 mark might break the 4903 support. An open above the 4954 mark will force a few weak bears to book out and few bulls might latch on the double bottom on the chart and attempt a few longs. But overall trend is still very bearish with higher probability of 4900 giving way to a new panic bottom.

EOD picture points to a target between 4779 and 4730.