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.
