Nifty Support Seen at 4780 with FII Help

Nifty has faced stiff resistance at 5110 in its recent recovery. Till Nifty holds this level, there is a possibility of the index moving in the range of 4780-5110. A move below 4780 may, again, induce panic and so further downsides to the extent of 4670-4550 cannot be ruled out. On the other hand, noticeable short-covering can be expected if the Nifty closes above 5050, which may eventually lead the index to move towards 5320 levels. Bank Nifty has a major resistance at 9900 and private banking stocks may keep this index subdued.  My suggestion Go short at higher levels in my view nothing is solved in US ,So don't buy Book profit and exit .

The comforting factor for the markets is FII inflows in the last week. FIIs have bought to the tune of . 2,000 crore after seeing a net sell-off of . 8,500 crore in the last month. Despite this, the volatility in the markets is not subsiding, which is keeping the indices under pressure. India VIX was unable to close below 24 and has again spurted to 30 levels in the last session, which indicates increased uncertainty.
The upcoming RBI monetary policy on September 16 and FOMC announcement from the US on September 20 will decide the trend. Currently, the fall in European markets is keeping sentiment subdued and any recovery on that front will be closely watched.