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The market did open flat to negative with seen selling pressure again from higher side and ended with negative closing on third consecutive day,market as expected again seen profit booking and exit from longs near 5055 and finally a round of selling seen in the last trading hours with nifty breached its trendline support breached and close below its short term support level of 5020.We expected selling from higher levels and it was mentioned so many times that market may if not hold the 5020 then we might see fresh selling pressure till 4945-25.Upper side it will face hurdles now at 5020-5045,while good support now comes near 4951 and breach and sustain below this mark nifty will slide to kiss 4880-4845 in the downside.Any rise will not sustain as long as we are holding below 5052.
NIFTY (4988.6)
Resistance : 5045 / 5105
Support : 4950 / 4910 / 4880
Resistance : 16975 / 17000 / 17160
Support : 16665 / 16600 / 16530 / 16430
Resistance : 5035 / 5060 / 5085 / 5110
Support : 4970 / 4955 / 4920 / 4885 / 4830
Buy NIFTY Above 5010,Sl Below 4990,Tgt 5030/5055/5080/5105
Sell NIFTY Below 4990,Sl Above 5010,Tgt 4970/4945/4920/4895
NIFTY FUT OI down 4.25% with 40% increasing volumes indicating unwinding of long positions plus rollover to next series.
We expect NIFTY FUT to trade volatile with possibility of bounce from lower levels.
Sell BIOCON Below 270,Sl 275,Tgt 265/60

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