Posted By : Kishore B.S
The markets gave in completely yesterday well below the critical pivotal level of the 5600 levels to close around the 5570 levels.
Now at the current levels the technical charts are indicating that the markets have further negative aspect to rule with the target of the 5500-5400 zone.
The technical charts are also pointing out that the markets have entered a bearish phase now, with the Indices tanking by more than 50% of the uptrend from the 5200-6111 levels, and the next levels to watch out would be 5400 which would complete the 61.8% fibonacci retracement.
On the higher side the support of the 5600-5620 is the strong resistance zone to watch out for
(Inputs: Basket option Research bureau – Bangalore)