Market View:
Markets lost almost 1700 points in four trading sessions on back of some heavy selling pressure from the FII’s. This along with negative cues from all around the world had the indices depict some volatile movements and head down south. The indices have been moving in a huge trading range between 20K & 18K and have not been able to breach the all time highs at 20208 mark. There have been strong resilience at 20K mark and buying supports coming in at 18200-18300 mark. Global pressures could ease out in coming days which could lend support to the markets. Technically the levels of 18600 & 5500 are very important levels for the BULLS and a breach below this could spell problems & take the markets lower to 17K & 5200 mark. I strongly feel that the correction from 20K to 18K may have been over and markets would be headed to test the new highs once again. F&O expiry week could bring in volatility, but remain positive.