Major Support 16470 – 16000
Major Resistance 17830
NSE Nifty 5211.25
Major Support 5000 – 4935
Major Resistance 5372
The markets opened a big down gap last Friday. The volumes recorded were also very high. This basically tells us that the supply has clearly overpowered the demand. With a bearish trend reversal pattern on the indices with confirmation the outlook on the market will be bearish for the medium term. Yes, we will see relief rallies that we will witness but these rallies should be sold into. For today supports will be seen at 16470 and 5000 on the BSE Sensex and the NSE Nifty respectively.
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