Shruti Vora, technical analyst of equity and derivative group at Antique Stock Broking feels that the Nifty would need some significantly negative news flows to break the 4,675 levels, which is the yearly low of 2010.
Vora sees multiple supports coming in at around 4,650-4,700 levels for the Nifty. She told CNBC-TV18, "If the Nifty holds 4,650 levels, the market can expect an up move till about 5,100-5,200 levels at least for the short term." She also stated that if the Nifty tends to hold 4,650 levels, a bullish reversal is expected and one can play long. On the upside, 5,250 levels is a gap area resistance, before which one should book longs.
According to Vora, banking and the auto space are the strongest sectors. She suggested to go long on SBI and ICICI Bank from the banking space.
From the capital goods space, L&T would be Vora’s pick as it is closer to the 1,400 mark. The stock would rebound in case of a pullback on Nifty, she added.