==>> NIfty closed below 4100

This time the budget is proving to be bad for the Bulls. Post budget the Nifty has fallen down from the high of 4479 to make a low of 4061. Sensex tanked by almost 1331 points to close at 13769.15. Budget was not upto the expectation. On Monday, the Indices closed below the trendline. The head and shoulder pattern have broken down. But yesterday the Nifty took support at 50DMA, but today that also have been broken.
Through out the day markets traded in the negative zone. In the mid session markets did try to recover the lost glory but could not succeed and lost in the closing session. Sensex closed at 13769 down by 401 points or . Nifty closed down by 127.70 points at 4074. Nifty had good support 4140, but today it has closed below the same. Nifty today has closed below the lows made on 26th May 2009. The head and the Shoulder pattern have also broken down. The gap theory is proving to be true as mentioned in my last few blogs. Nifty on Monday had closed below the 50% retracement levels of Fibonacci. Nifty if closes below 4050, then 3850-3900 could be seen. Technically markets are looking week. If the gap theory is to be proven right than the Nifty might fall down to 3700 levels. But at this juncture I would not be able to tell that the Nifty will fall to that extent. Nifty will face stiff resistance at 4140-4205 levels. Close above this, will decide the trend upwards. Traders should watch out for the levels. If the Markets bounces back also, that will come out as an opportunity to sell ur del. But this dip will be an real good opportunity to buy with a longer period prospective. BUY on declines.
On the Activity side in the markets, nothing much to be said. FII since the last 2 days remained Net sellers. DIIs were Net buyers in the Market.
ICICI looks week. Below 648, ICICI bank can go upto 635-616 levels.
Infosys Below 1686, can tank till 1665-1641-1616