Nifty may correct to 4200-4100: Finquest

MUMBAI: Finquest Securities is of the opinion that Nifty has topped out in the short term and may correct to 4200-4100 levels. The bearish view would be negated if Nifty gives a close above 4636, the report adds.

���As expected, Nifty moved up on relief rally towards 4551 levels. With this Nifty has now retraced back more than 61.8% of its fall from 4636 to 4379.

For the day a breach of immediate support at 4535 would lead to a fall in Nifty towards 4480 and then towards 4450 levels. We believe the Nifty has topped out in the short term and should now witness correction towards 4200/4100 levels. We advise to book profits and exit from long positions. Our bearish view would be negated if Nifty gives a close above 4636,��� said Finquest Securities report.