Nifty opening was in the positive zone. Trader positively in the green for the rest of the day, but in the late hours bears were back in action and the markets closed in the negative zone. Nifty did take a good support at 4857 levels and the close was above the same at 4859.9. As I have mentioned that the Nifty long term trendline support is at 4857 and the close below would be considered bad. And the slide will continue till 4800-4750, at least. But the candlestick pattern which is made today suggests that some pull back can be seen. As the bulls were more active through the day but lost control over the market in the last few hours. The pattern confirmation will be done after the candle stick pattern which will be made tomorrow. Most probably the reversal can be seen tomorrow itself, but if the Nifty starts trading below the mentioned levels then it could be considered as a caution sign.Crude prices are still a concern. Petrol hike of Rs.10-16 and Diesel price hike of Rs.5 is possible. Price hike would definitely give some breather to the Oil Co.s in India. PSTL looks good for mid to long term. Full year results are very good. Expected to post better results then the current year.
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