S&P Nifty (4072.90 points) (-155.55 pts)

It was mayhem as the markets were bleeding with a deep cut of
3.8%. Around 550 points were knocked off from the Nifty in the last
5 trading sessions. Global fears continue to haunt the ailing Bulls.
Barring FMCG, all the Sectoral Indices plunged. They opened lower
and drifted down further to an intraday low of 3955 points but
recovery in SBI and RIL led the pullback of around 150 points in
the last hour. Volumes were higher while the A/D ratio was highly
negative at 1:5.

As mentioned earlier break out below 4220 points saw a swift move
of 250-300 points. The targets as per “Head & Shoulder” pattern
3920 and 3770 points. It also completed the 78.6% retracement of
the rise from 3790-4649 points. It has to sustain above 4220 points
(neck line) to show some semblance. Resistance is pegged at 4338
while trendline in brown is at 4445 points.
Intraday, pivot is at 4088 points which if sustained then resistance
is at 4156 points. Crucial support in declines is at 3960 and 3920
points. The Bulls need to reunite with an uphill task of arresting
the fall lies on the shoulders of the Index Heavyweights. Markets
are likely to remain volatile, trade cautiously.

NIFTY Intra Week

Volatility 292 pts

S1 4099.70

S2 3938.85

R1 4361.90

R2 4563.00