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The market did open flat to negative with seen a negative session,with a selling pressure since morning and ended with a deep loss.Nifty could not hold the support level of 5040 as written few days back by me and once broken this level we seen decent selling pressure in the market that dragged nifty to kiss its support level of 4963 and a short recovery helped market to close above this level but closed below its support level of 5040.Nifty will try to find out a support near 4960 and then 4935 zone and if its unable to get a support then this selling will be continue till 4860 and from this level a respite rally is expected that can help market to see again the level of 4965-5030.but as of now nifty is below its major support level of 5030,so the trend will be downtrend on every rise until 5030 is taken out.
Resistance : 5030 / 5095
Support : 4945 / 4925 / 4860
Resistance : 16955 / 17130
Support : 16665 / 16540
Resistance : 5040 / 5090
Support : 4955 / 4915 / 4850
NIFTY FUT OI down 14.63% with 28% increasing volumes indicating unwinding in current series plus forming of fresh shorts in next series.
We expect NIFTY FUT to trade negative with volatility.
Buy NIFTY Above 5025,Sl Below 5005,Tgt 5050/5075/5090
Sell NIFTY Below 5000,Sl Above 5020,Tgt 4975/4950/4935
PTC Above 105,Sl 100,Tgt 115/120/125
BALAJITELE Above 50,Sl 45,Tgt 55/60/65
PUNJLOYD Below 210,Sl 215,Tgt 205/200
ITC Below 255,Sl 260Tgt 250/45
SBIN (2281),Sl Above 2100,Tgt 2265/2250
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