Nifty after a long period of nearly 5 months closed below its 50DMA. Nifty closed below its crucial levels of 6000. Nifty closed at 5988 down 132 points and Sensex closed in red 19865 nearly 450 points. Asian markets were trading flat to -ve when Indian markets opened. Europe markets opened up week. Shangai markets were trading down nearly 4%. Indian markets too faced the heat and collapsed with no sign of recovery. As mentioned in my last few artciles also that recovery is not in sight. yesterday Nifty closed just above its support at the trendline.

Nifty after making a double top tanked today after the lunch session. According to Fibonacci Theory, the levels from 4786 to 6300 levels. the first retracement levels comes to 23.60% which is at 5935. Nifty has good support at 5980 levels. Nifty made a low of 5970 but closed above the same. Close below the 5980 levels for 2 consecutive days may call for more selling pressure and we may see Nifty at 5800 levels also.

Sell DLF below 314 SL of 316 tgt 301.
Sell Icici Bank below 1200 SL of 1209 tgt 1177-1163
Sell SBi with a SL of 3094 tgt 3061- 3043.
Sell T Motors with SL of 1210 tgt 1187-----.