As we predicted weak trend for equity markets, the markets traded same and witnessed heavy loss today. Nifty showed selling pressure from resistance near 5,450 levels and closed in deep red below 5,300 levels. Bears had control for fourth consecutive day.
Sentiments have weakened considerably and further downside cannot be ruled out. Global developments related to Greece and US economy will continue to influence market sentiments. On downside, Nifty has some support in 5,225-5,175 zone and recovery may be seen from here.
For intraday trading tomorrow, the trend deciding level is at 5,300. If Nifty shows strength above 5,300 levels, then rally to 5,350-5,400-5,450 may be seen. If Nifty does not show strength above 5300 levels then selling pressure till 5,225-5,175-5,125 may also be seen.
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