Markets slumped again for 6th consecutive day. Indian Stock Market continued on its bearish trend and is expected to remain highly volatile until or unless it finds a positive trigger to change its course of direction.
For the coming sessions, Nifty is expected to test the lower support zone of 4,850 and 4,800 levels. On the higher side resistance is placed at 5000 levels. If Nifty manages to trade above 5,000 then it will be viewed positively for the higher side target of 5,060 and 5,140. FMCG and Pharma remain the preferred sectors for long side. Metals and Capital Goods for the short side.