In the last 10 trading session, since the Nifty made the 2009 high, in the 9 trading session the markets have closed in Red. On 20th Oct 2009, when the Nifty made its 2009 high at 5181 levels, the markets have been continously slipping down to make a low of 4538 levels below its 100 DMA. Tday Nifty slipped below at its major support levels of 4650 and closed at4542. The 14 day RSI have reached the over sold zone. Yesterday nIfty closed below the trendline, signaling further downward movement. This writer had warned the readers high of this blog when the markets were trading at their 2009, that the markets will correct. Since then there is no stopping to this market. Bears have taken good control of the markets, leading the fall of 650 points in Nifty Index.
Nifty will find support at 4400 levels. But If this too breaks with volumes, then 4200 in Nifty can be breached.