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).
