The last few hours selling in the markets lead the Sensex close below 17000 mark. Nifty closed below its major support level of 5000. In the last few blog i have mentioned that the Markets will witness some selling pressure in the coming days. Nifty after making the recent high of 5181 closed below its 20DMA. Yesterday Nifty closed below its long term trendline marked with BLUE. MACD signal is also turned negative. European markets too fell down nearly 1.5%. Nifty will find good support at 4945 levels.