mkt ahead...22nd jan 2010...

nifty getting nervous near 5300 lvls which was a major tgt also and kept losing steam...so the sideways-down actually accelerated into further downtrend on facing resis 5292 on large uninterrupted fii selling.

for near term positional traders it has been a shorting opportunity since nifty was already in a sideways-downtrend. 5160-5170 the previous downside lvl was broken and bearishly moved in near term till next lvl of 5084 which would have acted as support(since 5084 was also very near to one of the key short term support tlines) for cutting shorts. but looking at further 2% losses on dow jones and other asian mkts today this lvl looks like getting broken in which case it may immediately move possibly till 5000-5030.

major lvls below that are 4925/4940(which is quite possible if the selling continues in our mkt) and 4800.

medium to intermediate strong trendline support is currently at 4968(as mentioned in last post), it could be imp from the investor's point of view. however exit point of view the investor needs to have patience as major downside lvls are still intact.

mkt ahead...

trend is sideways. weekly resistance to overcome sideways trading range is 5291 which nifty attempted yday but couln't cross above.

near term support 5160. trendline lvl support for short term 4968 and above.