September Expiry month started with heavy selling in market. Correction was expected in the market from long time and it came on friday. Continuation of this correction phase will depend upon the 5390 - 5350 levels. If nifty trades below these levels , we can witness more selling.
SENSEX closed at 17974, down 251 points and Nifty at 5397, down 80 points from the previous close. The market breadth was negative with advances at 299 against declines of 997 on the NSE. Top Nifty gainers were GAIL, ONGC and TATA STEEL while top losers were DLF, HERO HONDA and AXIS BANK.IF nifty sustained below 5390 it may test 5350- 5310- 5280 levels. 5454 now appears as a strong resistance level.
Sell nifty below 5390 with s/l of 5454.
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