S&P Nifty (5104.95 points) (-52.75 pts)

The Bears dominated the entire day with a gap down openfavouring them. The Nifty hovered around the 5100 points, butwhen that got breached, intraday selling was seen dragging theNifty to a low of 5072 points. The Metal and Power-Energy stocksshowed strength but profit taking was seen in Banking, CGS andOil & Gas sector. Volumes were lower than previous session whilethe A/D ratio was negative at 1:2.It was mentioned in the Friday’s report that the Bulls may takebreather at higher levels and that 5165-5176 is the bottleneck areain the Nifty. Weekly S1 is pegged at 5019 points; a breach of it cantest the crucial trendline support in green (currently pegged at 4948points). As long as it holds the bias is up. If the Nifty sustains above5175 points we could see it testing 5214 points.Intraday, the Nifty has to sustain above 5130 points while to negatebearishness it has to hit a high of 5185 points. Pivot is pegged at5102 points with immediate support at 5065 points. A low below5040 points would indicate more selling pressure. Small investorsshould keep churning positions while High risk traders shouldprotect their positions.

NIFTY Intra WeekVolatility 275 pts
S1 5019.10

S2 4883.17

R1 5289.35

R2 5355.18