==>> Nifty closes below 4250

Markets today opened up with strong upside movement. Sensex was up almost 150 points in the opening sesssion, but continued its volatility. In the last 3-4 trading session we had seen selling pressure aroung mid session. The markets witnessed the same. In the mid session, Indices lost all its glory and tanked nearly 248 points. Sensex fell down from its intra day high of 14668 to make a low of 14273, but closed at 14326. Nifty made a intraday high of 4352, but closed down at 4223.95 down by 78 points or 1.82%. Sensex was down by 195.67 points or 1.35%. Volumes in the markets were pretty low. Major selling emerged in the frontline stocks liek RIL, Bharti, TCS, SBI, ONGC. European markets too opened week. Commodities fell sharply in the LME. That too added the spark in the sinking market. In the closing session, traders enjoied that the roller coster ride in the markets. Sensex zoomed up to just 60 points negative from -ve 175 points and again back, to make a new low of 250 points. Nifty could not sustain above the retracement level marked with the Yellow lines. Nifty has closed below 4251 levels, so 4205 is likely to be tested tommorrow. Below that 4189-4159 can be tested. Till the time Nifty is not closing above 4315-4325, buying should be avoided. There has been Short built up seen in the Mini Nifty lot. Heavy shorts created with gud volumes in Century, Bharat Forg, DivisLad. Fresh long built seen in IFCI, EVeron, Essar Oil, MRPL.