Markets has tendency of topping out in the first month of every quarter
Nifty (5387) has closed Negative -81points making this biggest losing week in previous 10weeks NIFTY 5477 looks fancy to be a Top on weekly closing basis 5449 was last week close so till these levels doesn’t cross market to face selling pressure but close below 5350 would be important. Markets has a tendency of topping out in the first month of every quarter October 2009 5181 was breached in January2010 5310 and next high was made in April2010 5399 and now July2010 high of 5477 has to be watched. Breaking below 5350 we can possibly see 5240 & 5100 on the downside.
BSE SENSEX (17868) Sensex has broken away from rising trend line and in the last 5trading days the Index is making lower highs and lower low 100DMA=17420 & 200DMA=17116 are important support on downside and rally till 18300 is not crossed could be pull back rally. Sensex below 17390 on closing basis only would confirm bigger correction
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