By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"In line with mixed global cues our markets started on a flat note, however, Index immediately started witnessing selling pressure and within the first few minutes itself broke previous two session's support of 10800. Subsequently, the undertone remained weak as Index continued to slide lower throughout the session and eventually ended with deep cuts of 1.25% tad above 10700 levels.
In the last four sessions of this week, Nifty has already erased around 400 points and has now reached the lower boundary of the last six weeks trading range. During this week we have witnessed Index breaking crucial supports with ease and the momentum is strongly gripped by bears. Having said that one needs to be cautious on their aggressive shorts position with Index approaching last month's swing low at 10637 followed by double bottom formed in January - February at 10585 levels. On the flip side, every bounce are getting sold into and with the continuous selloff, the resistance levels are getting lower; the immediate resistance is now placed around 10790 followed by 10885. Quite surprising, individual stocks from the midcap basket are continuously outperforming in this falling markets and hence traders are repeatedly advised to focus on such propositions with proper exit setup."