The day was calm, but closed into negative territory with an expectation of further weakness. The market sustained
well below the level 5140 in the first half and in the second half it remained below the level 5110, which has triggered
further weakness towards the end.
We may expect further weakness, if indices sustains below the level 5080 in the first half and may travel to 5040/5030
levels to complete the first step of the correction. As the market is in medium-term up trend, we may call it as a pullback
to the current up move and may find support at 5040/5030 (16835) in the short-term. If it bounces from these
levels quickly, then we may expect continuation of the current momentum. If it remains subdued around the same
(5040-5030), then we may expect further gradual fall towards 4970/16660 levels.
In case the market fails to fall below 5080/17025 level, then the market may again try to move towards the upper
boundary of the channel, which is at 5150/17190 with a minor resistance at 5115/17130.
