Downslide was the buzzword for today. After opening on a positive note, the markets soon slid into the red. The fall continued unabated all through the day till the very end.Sensex closed 248 points lower, while Nifty ended 68 points down. Mid-cap and small-cap stocks also ended the day on a weak note. On the daily chart, Nifty has formed an outside bar, which has buried the hope of a pullback rally.In the present situation, unless today’s high is cleared bears will have a hold on the market. The upside barrier for Nifty is 2664. On the hourly chart, the negative trend line of Nifty is not yet disturbed. The hourly 20- and 40-moving averages are placed at 2636 and 2673 respectively.The daily KST is still driving the bearish trend. Bears dominated the market breadth with 890 declines and 287 advances.

The hourly KST has given a negative crossover. Our shortand mid-term biases are still maintained with a downward bias for the target of 2550 and 2450 respectively with the short- and mid-term reversal nailed at 2800 and 3111.

Selling activity was witnessed in the stocks across sectors,with stocks from banking and energy space leading the pack of losers. From the 30 stocks of Sensex, Sun Pharmaceutical Industries (up 2%) and Jaiprakash Associates (up 2%) led the pack of gainers. However,Ranbaxy Laboratories (down 9%), ICICI Bank (down 5%) and Tata Power (down 5%) led the pack of losers.

(Disclaimer: The above chart shown is for study purpose only and not for trading decision)

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