gold silver report 18/06/2010

The Rupee is currently trading at 46.15 levels. We had expected the test of 47.20 again which had reached some days back. Break of 45.50 has entered rupee in a bearish phase. Near term Exporters maintain some covers above 47.00 plus to be safe. Rupee bias still bearish target 47.00 Strong support is seen at 45.92 levels. Only break of 45.92 on a consistent basis would confirm a short term trend change. We also need the Nifty to close above the 5400 mark to confirm the trend change. Bearish.

 The EURUSD is currently trading at 1.2400 and in a clear downtrend but in the 4th correction wave and then a big 5 wave down to 1.19 atleast. Strong resistance at 1.2500 levels. We had suggested exporters to cover at every rise and we still maintain that. (Only EURO/USD leg , we can wait for covering USD/INR leg) . Our previous bearish targets 1.20 and below had reached few days back. (refer previous reports). We covered at 1.2320-50 levels yesterday and still suggesting covers for exporters. Bearish-target 1.19 & below . (EURUSD - 1.2400).Bearish

Gold is currently trading at $1246 levels and its bias is clearly on the upside. It has reached our next target of 1250 also . Buying on still dips remains the strategy. (Gold- $1246) Bullish

Dollar index's is in slight correction mode due to euro but would soon reach our target of 88-89 levels again. Maximum room till 85- 86.50 which would act as support. The powerful impulsive move is in line with our view of bullishness . Still room higher. (Dollar Index- 85.58) Overall Bullish

Silver

Respecting the harmonic scenario literarily, the metal reached the awaited technical objective of 18.85-click on the previous report link below-. We should put into our consideration that this proposed harmonic sequence might have been completed around 161.8% Fibonacci of BC leg at 18.85 zones. Thus; possible bearishness could be witnessed over intraday basis, supported by negative sign appearing on Stochastic.

ecommendation Based on the charts and explanations above our opinion is, selling silver around 18.75 targeting 18.15 and stop loss above 19.25 might be appropriate.

                         

Gold

Respecting our suggested scenario of CD leg's completion for the harmonic structure, the metal soared towards the technical objective at 1248.00 zones and it extended towards the psychological levels of 1250.00. The pullback from the aforesaid levels argues us to say that, potential downside actions could be seen over intraday basis, as the harmonic pattern is bearish. Stochastic supports this outlook.
Recommendation Based on the charts and explanations above our opinion is, selling gold around 1247.00 targeting 1228.00 and stop loss above 1262.00 might be appropriate

nifty 17/06/2010

short nifty @ 5260 {spot } tgt 5200/- sl 5310/- or long nifty @ 5185/- tgt 5250/- sl 5135/-

On Wednesday the market opened higher but failed to trade above the crucial level of 5260 and closed just around

the previous closings. It seems that the market may enter into sideways correction for next one or two days, if it remains

below the level of 5260. The strategy should be to sell-short around 5260 with a minimal stop-loss of 35 points

above the same. Or trade short, if indices sustains below the level of 5210/17400 in the second half of the trading session

with a stop at 5240 for the target of 5180 and 5155. Any likely closing above 5290 level may lift the market to

5400 in the near-term. Broader view is still bullish and positional traders should be buyer at each major support level.

Stock specific activity is not ruled out for the day.

commodity levels @ 10/06/2010

Gold couldn't achieve a negative closing below 1226.00 zones yesterday. On the contrary, the daily closing was above the key levels of 1232.00. Thus, we believe that yesterday's declines should be seen as a normal correction before resuming the CD leg of the suggested butterfly pattern. Consequently, the bullish overview is still valid and possible upside actions could be seen over intraday basis. Today's potential resistance resides at 1235.00.


Recommendation Based on the charts and explanations above our opinion is, buying gold with a breakout above 1235.00 targeting 1260.00 and stop loss below 1215.00 might be appropriate.

 
 
 
 
 
 
 
Yesterday's mild downside movements were limited around SMA 50, which assisted the metal to incline once more. Therefore, the bullish effect of AB=CD pattern is still in favor and more bullishness might occur over intraday basis. A break of 18.25 is needed to activate this positive scenario.


Recommendation Based on the charts and explanations above our opinion is, buying silver with a breakout above 18.25 levels targeting 18.75 and stop loss below 17.85 might be appropriate

 
 
 
 
 
 
 
 
 
 
 

 
 
 

nifty10062010

for expiry lovers : short nifty 4700 pe @ 28/- & short 5100 ce @ 69/- no sl require 


{spot nifty} sell @ 5040 tgt 4980 sl5090 or  buy @ 4970 tgt 5040 sl 4930 buy banks stock on dips & sell real estate on rise

09/06/2010 commodity

In order to get rid of the negative effect of yesterday's candlestick and the overbought sign appearing on the Stochastic; where it needs to breach the intraday resistance at 1244.00. If that occurred the way will be paved to attack the historical high of 1252.00 and furthermore the CD leg of our suggested harmonic butterfly pattern will be activated; targeting 1271.00 zones. To conclude, we believe that the aforesaid pattern is still valid and the bullishness might dominate the movements over intraday basis.


Recommendation Based on the charts and explanations above our opinion is, buying silver around 18.25 levels targeting 18.75 and stop loss below 17.85 might be appropriate


Silver


Silver is moving within a tight range but it succeeded in stabilizing above SMA50-colored in red- as seen on the provided daily chart. Therefore, we see chances for achieving additional bullish actions over intraday basis; targeting the extreme objective of the previous discussed AB=CD pattern at 19.15

short NIFTY according spot price @ 5030/- tgt 4960/- sl 5080/- or buy @ 4960/- tgt 5030/- sl 5920/-  09/06/2010 nifty http://equitylevels.blogspot.com/

09/06/2010 nifty

The market remained strong till the first half of the trading session around 5060 but in the second half it clearly failed

to trade above the same and resulted into a massive sell-off towards the end. The market closed below the level of

5000, which is a worrying factor in the short-term as it may drag down the market to the major level of 4950 without

any major difficulties and breach of 4950 level on a closing basis will lead to further sell-off, may be to the level of

4870 minimum and 4785 maximum.

Currently, we are observing that short sellers are turning more aggressive on break downs, that may help the market

in the near-term to trade in a one direction rather than fluctuating in a broader range.

For the day, we may expect further continuation only, if indices trades below 4950 otherwise speedy recovery up to

5040 above the level 5000 is not ruled out. However, failure to hold 4950 may push indices to 4870 levels minimum.

On the higher side, 5040 may act as a major hurdle and in case the market able to cross 5040 in the second half of the

trading session, then we may expect quick recovery to 5100 levels (spot levels).

commodity levels @ 07/06/2010

Silver


The bearish harmonic effect of the three drives pattern has been able to take the metal in a southern trip, breaching the uptrend line that carried the movements from 14.60 to the peak of 19.80. Currently, we see how the secondary descending channel controlled the trend ideally, while the metal stabilized below SMA 50; therefore, more bearishness might be underway during this week but a re-testing action for the broken uptrend might occur first. Carefully note that a break of the pivotal support levels of 17.05 could bring panic sell-off actions.

Recommendation Based on the charts and explanations above our opinion is, selling silver from 17.60 targeting 16.90 and stop loss above 18.05 might be appropriate

 
 
 
 
 
 
 
 
 
Gold


The mixture studies between the suggested Elliott sequence for the rally from 1044.00 to the all-time high of 1249.00, where harmonic methods prove that the collapse from 1249.00 to 1165.00 zones could be seen as wave 'A' while wave 'B' is currently under preparation; thus, wave 'C' could be activated to complete the cycle. Note that the bearish effect of the harmonic three drives is still in favor. To recap, potential downside movements could be seen during this week assessing intraday direction, while the bearish harmonic structure has been completed on Stochastic of the four-hour interval. A break of the historical peak will negate these anticipations.
Recommendation Based on the charts and explanations above our opinion is, selling gold with a breakout below 1215.00 targeting 1165.00 and stop loss above 1250.00 might be appropriate.

02/06/2010 nifty

shouldnt close below weekly level of 4970
major resistance 5006  close above 5006 will take 5090


major support 4950 close below 4950 will take 4860

report as on 18/05/2010 gold & silver & crude

Silver

In line with our yesterday's discussed scenario, silver declined to relieve momentum indicator and to gather the momentum it needs to activate the continuation of the bullish scenario, which is based on our suggested Elliott cycle. The subsidiary image of Stochastic of the hourly interval shows a positive crossover, accompanied by bullish harmonic structure. Therefore, potential ascending movements could be seen over intraday basis.

Gold

Gold is still building a solid technical base in order to activate the awaited internal fifth wave of our suggested Elliott sequence. A bullish harmonic pattern alongside positive crossover is now completed on Stochastic indicator of the four-hour interval -secondary image-. Thereby, possible ascending movements could be seen over intraday basis. A break of 1227.00 is needed to confirm today's outlook.

Recommendation Based on the charts and explanations above our opinion is, buying gold with a breakout above 1227.00 targeting 1255.00 and stop loss below 1205.00 might be appropriate.

report as on 17/05/2010 gold & silver & crude

Silver

The long white candlestick formation of the past week signaled that the IM structure is still in progress according to our suggested Elliott sequence of the medium term basis. Some kind of fluctuation might occur to relieve Stochastic before resuming the awaited bullishness during this week. AROON indicator is still supporting the positive possibility. A break of 19.65 will be able to accelerate thiss scenario.

report as on 13/05/2010 nifty

http://equitylevels.blogspot.com/
report as on 13./05/2010 nifty   short nifty @ 5190/- tgt 5120/- sl 5240/-

report as on 13./05/2010 nifty

On Tuesday, the Market opened lower as compared to previous close and failed to breach previous day's highest level,

which was the minimal requirement for further upside. However, it has respected to the Fibonacci retracement level

of 5120/17100 in the second half and managed to close above the same.

Today, in case the market sustains above yesterday's lows of 5120/17100 then we can expect bounce back to 5175/

17230 and 5190/17330 levels again. However, if it fails to sustain above 5120/17100 then we may expect continuation

of the weakness minimum up to 5085/16930 and maximum up to 5030/16830. Our advice is to reduce trading long

positions, if it sustains below the level of 5120/17100. Expect short-term break out only above 5210/17380.

report as on 12/05/2010 nifty

On Tuesday, the Market opened lower as compared to previous close and failed to breach previous day's highest level,

which was the minimal requirement for further upside. However, it has respected to the Fibonacci retracement level

of 5120/17100 in the second half and managed to close above the same.

Today, in case the market sustains above yesterday's lows of 5120/17100 then we can expect bounce back to 5175/

17230 and 5190/17330 levels again. However, if it fails to sustain above 5120/17100 then we may expect continuation

of the weakness minimum up to 5085/16930 and maximum up to 5030/16830. Our advice is to reduce trading long

positions, if it sustains below the level of 5120/17100. Expect short-term break out only above 5210/17380.

10:F 8 15 22 M 8 15 22 29 A 5 12 19 26 M 10

"Life is 10% what happens to you and 90% how you react to it."

report as on 11/05/2010 nifty

On Monday, the market has broken all its barriers for the day and closed above the major hurdle of 5160 without any

major efforts. It suggests us that the market has seen its worst at 4685 however, we will come on the same conclusion,

only if it breaks 5300 on the higher side. But it does not mean that we can take a contrarian call on the market and

sell-short in advance. On declines at major supports, one can add long positions with again short-term view because

the rally that we saw on Monday was with exceptional rise in almost all index heavy weights.

For the day, the level of 5225/5235 (17560) may act as an immediate hurdle for the market above previous day's highest

level of 5205/17370 and reversal from these levels may lead to temporary correction in the market. On the lower

side, the level 5160 and 5180 may again act as a major support for the market. Our advice is to look for short-term

buying opportunity around the same with an upside target 5290/5300.

 

report as on 10/05/2010 nifty

positional call short nifty @ 5096/- tgt 5020/- sl 5140/-

weekly major sup @ 4950 below tht 4760 with major sup of 4850

ressiatance @ 5120 close abopve tht will see 5160

report as on 07/05/2010 gold , silver & crude

Gold closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening on Fridayy. Prices closed nearer the session high today as traders stepped in to "buy the dip" and do some bargain hunting at lower price levels. A stronger U.S. dollar and lower crude oil prices did limit the upside in gold today.

Silver closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If its renews last week's decline, April's low crossing is the next downside target

report as on 06/05/2010 nifty

On Wednesday, the market opened down with an almost 70 points on Nifty but after struggling a lot around 5060 it

turned back to previous lows 5135/17100 towards the end. We may call it as a pull back to the bear rally started from

5340 levels. On second consecutive day, the market closed below the major level of 5160/17330, which is a sign of

weakness and may pull down the market to 5000/4950 in coming few days. On the higher side, the market has several

hurdles and to breach all of them requires some solid reason.

For the day, the level of 5145/17160 and 5165/17230 may act as a major hurdle for the market and reversal from these

levels will be an opportunity to trade short with a target of 5090 and 5050 again. Sustenance of the market above

5165 level may pull up the market to 5200/17330 levels.

report as on 05/05/2010 nifty

The market has broken the range trading activity on the lower side by cutting the important support at 5200/17330.

The tired sell off was so severe that it has broken even the lowest low level of the current sell off which was at 5160/

17270. The reason was global cues and we informed our readers well in advance about the same. Even two bearish

gaps have confirmed the medium term down trend for the Indian markets.

In the context of global cues, we can say that the pain is still not over and minimum 2 to 3 percent sell off is not ruled

out in the near term in US markets. If we consider our markets then the dismissal of the weekly lows will drag the

market to the level 5000/16850 soon. By closing the market below the level 5180, which is a part of a silent trading

range between 5180/17350 and 4950/16550 levels since October 2009, we may even expect the fall to continue the

level 4950/16550 in coming few day.

However, while looking at the strength of the past move the market between 4675/15650 and 5400/18050 we can say

the level of 5000 will offer first significant investment opportunity with a long term view. Our advice is to invest "partial

funds" in index based stocks around 5000 levels and with an intention of adding more if it falls further to the next

best support. For traders our advice is to reduce trading long positions.

report as on 04/05/2010 gold & silver

Silver

A negative divergence has been formed on the four-hour interval, accompanied by bearish candlesticks formations, signaling that the metal is seeking for PRZ for the bearish harmonic AB=CD pattern. Thus; possible downside movements could be seen over intraday basis. AROON also supports our negative scenario.
 Recommendation Based on the charts and explanations above our opinion is, selling silver from 18.75 targeting 18.15 and stop loss above 19.25 might be appropriate.

Gold

After touching the initial resistance levels between 1183.00 and 1187.00, gold started to decline once more below 76.4% Fibonacci levels of XA leg for the bearish harmonic structure. This structure is still in favor, while the negative divergence could be more efficient if the metal hits 1172.00. From here, possible bearish actions could be witnessed over intraday basis.
Recommendation Based on the charts and explanations above our opinion is, selling gold from 1183.00 targeting 1158.00 and stop loss above 1196.00 might be appropriate.

report as on 03/05/2010 gold & silver

Silver

On the provided four-hour chart we see that the metal has been able to reach the second PRZ-potential reversal zones- of the bearish harmonic AB=CD pattern; where a clear shooting star candlestick pattern has been formed, accompanied by negative signs on RSI 14 and AROON indicators. Therefore, possible negative movements could be seen during this week.
 Recommendation Based on the charts and explanations above our opinion is, selling silver from 18.65 targeting 17.90 and stop loss above 19.25 might be appropriate.

Gold

Finally, gold has been capable of touching the awaited Fibonacci level of 76.4% for XA leg, seen on our provided daily chart. Currently, our suggested harmonic structure is completed while the negative divergence appearing on Stochastic is still working; therefore, potential downside actions could be witnessed during this week, targeting 1144.00 zones and might extend towards 1127.00 areas.
Recommendation Based on the charts and explanations above our opinion is, selling gold from 1180.00 targeting 1144.00 and stop loss above 1207.00 might be appropriate.

report as on 03/05/2010 nifty

positional call buy icici bank @ 955.5/- tgt 990/- sl 930/- 

On Friday, the market opened higher but failed to fill the gap, which was the minimal requirement to keep the momentum

positive and closed in a negative territory, which is a sign of selling pressure at rally. As the market has not filled the

gap and supporting world cues are negative, we feel that the market may again try to test lower support level of 5200.

In case the market sustains below 5200 in the second half of the trading session, then it may fall to the level of 5160 with

a minor support at 5180.

Holding the level of 5200 will be good for the market and may again help bulls to attempt to fill the bearish gap between

5299 and 5290.

Medium term trend is depending on 5340 and 5160 levels and in case the market breaks 5340, then we may expect fresh

rally in the market or break of 5160 may result into vertical sell-off to the level of 5000 with a minor hurdle at 5125.

report as on 30/04/2010

After the massive fall on Wednesday the market remained calm on Thursday on the back of expiry. It has not broken

highs and lows of the previous day that we may call it as a tight range activity. The highest (5265/17535) and lowest

(5200/17330) levels of Thursday may act as strong levels to move the market sharply on the either side especially in the

second half of the trading session. On the higher side we may expect the market to reach 5300/5310 if indices sustains

above 5265 and may fall to 5160 if it fails to hold 5200 in the second half of the trading session.

report as on 29/04/2010 gold , silver & crude

old closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. If it renews this year's rally, the 75% retracement level of the December-February decline crossing is the next upside target. Closes below last Monday's low crossing would confirm that a short-term top has been posted.

Silver closed lower on Wednesday and the mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off February's low, January's high crossing is the next upside target. Closes below last Monday's low crossing would confirm that a short-term top has been posted.

Crude Oil closed higher on Wednesday and below the 20-day moving average crossing. The high-range close sets the stage for a steady higher opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends last Friday's rally, the reaction high crossing is the next upside target. Closes below last Thursday's high crossing would open the door for a larger-degree decline into early-May.

report as on 29/04/2010

On Wednesday, the market opened lower and quickly recovered back to 5270 levels but failure to hold above 5270 in

the second half has pulled the market down to 5200 levels. The market has spent near about one hour around 5200

levels but it failed to breach 5200 level that may be the sign of non aggression on the lower side. However, we may

expect aggression in US markets as they are diverging negatively, which is a sign of likely shift/pause in the current

(bullish) trend and we feel that our markets will follow the move of US markets.

If we look at the broader trend then I can say that the market has formed lower top at 5340 as compare to 5399,

which it has formed at the beginning of the month and currently is trading at the lower boundary of the current

month which is at 5200/17330. In case today the market sustains below it then we may expect further sell off to the

lowest level of the month which is at 5160/17270, which is a trend decider level on a weekly basis and dismissal of the

same may invite liquidation of pending long positions with a final downside target 5000/16850. We may expect minor

support at 5125/17090.

On the higher side 5250/5255 (17530) may act as a resistance for the day but sustenance of the market above the same

may not be able lift the market beyond 5300/17690, which was gap down reversal level for the market

In brief, in the short term to medium term we cannot expect big upside in index and index based stocks, unless and

until world markets comes out with a positive outcome and the message is reduce trading long positions or buy few

put options with a view of hedging to long positions of the next month.

report on nifty as on 28/04/2010

The market remained between the given range of 5335 and 5300 through out the day. Even though it closed above

the level of 5300 it is not satisfactory as most of the index stocks failed to move beyond immediate hurdle levels.

Today, we may expect the level of 5270/5265 (17600) on the dismissal of the crucial level of 5300/17690. In case the

market sustains below the level of 5270/17600 in the second half of the trading session, then the sell-off may even

push the market to 5200 in coming few days.

On the higher side, the market has several hurdles up to 5400 but sustenance of the market above 5340 in the second

half of the trading session may smoothen its way towards 5400.

report as on 27/04/2010 gold & silver

Silver

Yesterday's candlestick formation proves how the trading range was very tight. Thus; we still see that the metal is preparing to achieve potential upside movements in order to resume the CD leg of the suggested harmonic AB=CD pattern. A stable move above 18.35 is needed to confirm the scenario.
 Recommendation Based on the charts and explanations above our opinion is, buying silver from 18.25 targeting 18.90 and stop loss below 17.70 might be appropriate

Gold

Gold is moving within a very tight range since the opening of this week. Therefore, we still see chances for completing the CD leg of the suggested harmonic structure, while being carried above SMA 50. We just need a clear penetration for the pivotal resistance level of 1162.00 to be confirmed that, the bullishness might control the movements over intraday basis.
Recommendation: Based on the charts and explanations above our opinion is, buying gold with a breakout above 1162.00 targeting 1187.00 and stop loss below 1139.00 might be appropriate.

report as on 27/04/2010

The market on Monday opened up with a gap of 35 points but failed to gain further, as the Index giant Reliance and

ICICI Bank failed to perform further. The activity remained subdued below the level of 5335, which was our minimal

requirement to see the continuation of the bull-run.

For the day, we will again watch the same level for further momentum. Today, in case the market sustains above the

level of 5335/17780 in the second half of the trading session, then we may expect the market to reach 5400/18050 levels

sooner. But in case, if it fails to do so and remains below the level of 5300/17690, then it may fall to the level of

5270/17600 minimum.

report as on 26/04/2010 gold , silver

Silver

The metal has found a very solid support around 17.80 zones that helped it to incline, forming a bullish candlestick formation as seen on the provided daily chart. Now, further bullishness could be seen during this week to resume the CD leg of the proposed harmonic AB=CD pattern but not before covering the gap at 18.20-18.25 zones.
Recommendation Based on the charts and explanations above our opinion is, buying silver from 18.25 targeting 18.90 and stop loss below 17.70 might be appropriate.

Gold

Carried above SMA 50-currently valued at 1125.00-, gold inclined forming a bullish candlestick structure as seen on the provided daily chart. Stochastic turned higher, supporting the technical idea that the CD leg of the harmonic pattern is still in progress. Thus; possible bullishness could be seen during this week. A stable move above 1162.00 is needed to confirm the scenario.
Recommendation Based on the charts and explanations above our opinion is, buying gold with a breakout above 1162.00 targeting 1187.00 and stop loss below 1139.00 might be appropriate

report as on 26/04/2010

The week past and expected
Even though there was sell off in the market on last Monday the market remained in a recovery mode through out the
week. However, such recoveries are nothing but pull back to the bear rally between 5400 and 5160 levels. The medium
term trend of the market is "down to negative" and may reverse only if the market dismisses the previous highest level
5400/18050.
As per weekly pattern last week's highest and lowest levels may act as a prudent support and resistance for the market
(5335/17780 and 5160/17270). For traders these levels are important to note as on the sustenance of the market above
and below these levels may move the market sharply towards the same direction. On the higher side we may expect 5400/
5440 (18150) above 5335 and on the lower side the chances of hitting 5000/16850 may increase below the level 5160/
17270
For the day 5265/17530 may act as a major support any sustenance below the same may push the indices to multi support
area 5200/5180 (17390/17330). On the higher side 5310/5335 levels may act as a hurdle area to cross these levels the
market requires genuine strength index based stocks.
In the last week there was "out performance from banking side" and "under performance from metal side". In the current
week also we may expect the same and buying on declines is advisable in bank stocks where as selling is advisable on
rally in metal stocks. The auto and tech index may improve from lower levels. The capital good and infra stocks are still
into bullish consolidation zone and buying at proper support levels will yield better returns for investors in the medium

Motivation is what gets you started. Habit is what keeps you going.

report on nifty as on 24/04/2010

The market remained highly volatile on the back of external news flows and finally ended with marginal gains over

the previous day. As per intra day fluctuations, we may say that the market has formed an important formation on

daily basis and dismissal of the highs and lows of the said formation may result into hectic movement accordingly, in

the coming days. For next few days, the level of 5200 may act as a major support and sustenance of the market above

the same may give relief to bulls and pain to bears.

For the day, the level of 5250/15570 may act as a major support for the market and sustenance below the same may

lead to further weakness may be up to 5215 and 5200 (17390). On the higher side, the level of 5290/5305 may act as

a major resistance levels for the market. We may expect range bound movement between the broader range of 5220

and 5305.

report on nifty as on 22/04/2010

Stocks ended mixed on Wednesday, as the market failed to breach highs and lows of the previous day successfully.

Such kind of mixed activity may be possible till the market is in medium-term down trend.

As per intraday charts, the market is forming a small "pennant" after a steep sell-off from the level of 5390, which is

a continuation pattern and on the dismissal of the lower boundary of the same may result into one more sell-off minimum

to the level of 5160/17275 with a minor support at 5205/17390 and 5185/17340.

For the day, sustenance of the market below the level of 5225 in the second half of the trading session will lead further

weakness and on the other side sustenance of the market above 5240 will lift the market to 5270/5290.