The bears were back with a vengeance, as the markets gave up almost their entire previous day's gains on Thursday. The Sensex and Nifty went back to their crucial support levels of 16,160 and 4,825 owing to weakness in metal and realty stocks.
The Nifty touched a low of 4,932, and finally settled with a loss of 87 points at 4,845. Going forward, a break of 4,825 could see the index drop to its recent low of 4,766 and possibly breaking it and testing its long-term (200-day) DMA at 4,644 remain high.
Today, the index is likely to face resistance around 4,885-4,895-4,905, while seek support on the downside around 4,805-4,795-4,785.
The Sensex shed 271 points to settle at 16,225, after touching a low of 16,189. The index may seek support around 16,100-16,065-16,025, on the upside the index is likely to face resistance around 16,345-16,385-16,420.
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