Nifty closed below 4900 at 4885. Nifty opened in the -ve zone and stayed there for the rest of the day. Nifty closed below the major support level of 4900. As mentioned that the Nifty is closed below the trenline and 4900 is a good support, but the close below the same will take the Nifty down till 4750 as per the pattern. But Nifty still have one support the long term terdline. This long term trendline was earlier discussed in the month of March, when the close was below the same for the first time in last 2 years. Nifty major trendline support is at 4857.
We had discussed about the IT sector, that was looking good.
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