As mentioned yesterday that its clearly seen that the Nifty is facing resistance at the trendline. Nifty saw a slide from the same level. I have mentioned that the Nifty upside is more realistic, i will stick to the same till the close is not below the lower trendline (see chart).
Oil prices are touching new highs everyday. Its heading towards $150 bbl. Glod prices are sky rocketing. The demand for the gold is at 5 year low. Rupee is loosing its shine towards Dollar. These are some of the reasons that is putting breaks to our markets for futher rally.
In the late hours there have been pull back. There are not much shorts created in the Nifty futures. Nifty futures have seen some profit booking. Fresh short built up in the Banking sector. Axis bank, SBI, BOI have seen price falls with good short built up.
Asian markets are down by 1% -1.5%. Nifty has a good support at 5070 and 5010. close below the trendline can again bring the Nifty down till 4900.
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