Markets witnessed sharp selling after breaking the support levels of 17256 / 5170, which was mentioned in our
previous daily report, and dragged the indices to close at the lowest point of the day. On the daily chart, we are
witnessing that prices have moved closer towards the upward slopping trendline joining the two lows of 13219
and 15330 / 4538 and 3918 levels. If this trendline is broken, then we could witness further weakness and
indices could test 16892 – 16734 / 5045 -4998 levels. On the flip side if prices stays above the trendline then a
bounce up to 17241 – 17307 – 5150 – 5170 cannot be ruled out. Since, indices have breached 17256 / 5170
levels the momentum on the upside has lost steam.
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