It was a dreadful day for the Indian stock market which saw the biggest percentage fall for the Nifty since August 2009 and the biggest point fall for the Nifty since October 2008. Both benchmark indices witnessed panic sell-off amid the Global weakness and closed in blood red. Heavy volatility was seen in the market today.
On Nifty charts, we are observing that the index has breached the up-sloping trend line showing negativity, supported by the momentum oscillators RSI and Stochastic that have started moving downwards . For the coming session, if the major support of 4900 is broken then we can see 4870/4810/4770 as the supports. On higher levels, 4960 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5015/5070. Traders are advised to trade with strict stop-loss and in small quantities.