Even with the strong global cues, Indian markets tanked in the late hours on the F&O expiry date. Nifty slipped 66 points to close down marginally below its crucial support level of 5800 levels. nifty closed down at 5799. Sensex in the late tanked nearly 140 points to give a close of 19318. Lic housing scam have really shaken the trust of the locals and even the Foreign investors. Yesterday the stock tanked nearly 18% and today opened week. As mentioned in my earlier article also the close below the trendline will take the NIfty to 5700 levels, but there is still good support at 5800 levels. Nifty will find minor support at 5760-5760 levels thats where the 100DMA comes.

On monday when the markets pulled up, most of the traders thought that its the end of the bear market, but this writer pointed out that the markets are still in the controls of the Bears and the Nifty can touch 5800 levels. SO HERE ARE WE...... below 5800 mark.

Sell AxisBank below 1336 tgt 1307 SL 1343.

Sell CanaraBank below 674 SL 683 tgt 666- 661 -655.