Buy on the dips closer to 4780 with 10-15 points stop loss: Devang Visaria

Devang Visaria, Chief Strategist, Devangvisaria.com in conversation with ET NOW said 4850 on the higher side is a good resistance area and on the downside 4780 and 4750 are support ranges.

4800 is posing to be a strong support where option build-up is also quite significant. What's your sense? How do you play today's range?

Devang Visaria: For the immediate short-term, for the next couple of sessions, 4850 on the higher side is a good resistance area and on the downside 4780 and 4750 are support ranges. If you see markets fielding around between 4750 and 4850 levels, one needs to look at buying on the dips closer to 4780 with 10-15 points stop loss for day traders and look to take 20-30 point profits on the upside. On the higher levels, 4850 is a crucial level. If markets close above that, then the pullback rally will be extended to possibly 4950 or 5000 levels. This should bring some much needed green to the trading streams and you could have good trading upsides then.