==>> Rainfall now the major concern for the markets

Markets are trying hard to keep it afloat. Nifty is dragging itself above the 4440 levels. After the 3 days of hard selling, the fall in the Indian markets have come to an end. In the last 3 days FII remained net sellers in the markets. Nifty fell down from the high of 4718 to 4398 within just 4 days. On 06th Aug Nifty fell down and closed below the trendline. The downward movement continue for the next 2 days also. In the alst 2 days Nifty some how managed to stay above 4400 levels. Volumes have been pretty low.

Nifty has a good support at 4450-4440 levels. Yesterday it had closed marginally below the 4440 levels. Today Nifty fell down to make a low of 4398 but closed above at 4470. Markets opened up weak, but bounced back immediately. For most the day Indices remained in the postive zone. Sensex was almost 200 points, but in the closing session, Bears tried to take control of the markets. There were huge Basket selling in the NIfty and the Nifty stocks, that lead to the fall in the markets. Sensex which was trading yp almost 200 points slided down to 50 points negative. Markets closed marginally up. Nifty somehow managed to close above the 4440-4450 levels. In the chart we can see that theNiftyin the last 4 days have sliped down from 4700 levels and closed down below the trendline. Today Nifty tried to bounce back and closed above the trendline, but the selling continue. Monsoon is now the major concern in the market. Trend is still negative in the market on back of rainfall deficit.