S&P Nifty (5192.25 points) (-35.95 pts)

The Nifty opened higher but failed to sustain at higher levels. Profittaking coupled with some speculative selling wiped off 65 pointsfrom the day’s high. The Bulls made every effort but in vain. Heavyweights moved in rotation but succumbed to selling pressure in theend. Volumes were slightly higher while the A/D ratio was at par.Auto, IT and Realty stocks were under selling pressure but it wasLarsen that caused the damage. The steep support line in blue isbreached. For fresh up momentum it has to decisively cross 5253points to test the resistance at 5314 points. Immediate support ispegged at 5 153 points (Weekly S1) and below at 5073 points.Intraday, the 5211 points is the pivot in the Nifty. Resistance onthe upside is pegged at 5236 and up at 5282 points. Crucial supportis at 5153-63 points; a breach of it could see more pain for the Bulls.The over-weight Bulls are finding it difficult to carry on with thesame pace. They are taking a breather but need to keep their eyeswide open as the Bears are hunting for an opportunity to hit back.It is better to sit on cash. For the past 3 trading, volatility hasshrunk; it is likely to uncoil in the coming days, trade with stop loss.

NIFTY Intra Week
Volatility 283 pts
S1 5153.68 S2 5006.56

R1 5324.98 R2 5412.77