Breakdown of 5200 ominous for mkt; next stop 4700: Experts

Moneycontrol Bureau

With a 200 point rally in early trade, the first day of the week looked promising from the start. But poor results from companies like M&M and Shree Renuka Sugars pulled down sentiment, which lead to a 0.4% fall in the Indian equity indices. The Nifty closed at 5148.35, down 20.50 points and the Sensex was down 74 points at 17,18.74.

The current level we are trading in is a stark change to the 5300-5400 levels we were maintaining a few weeks ago, and due to this Sudarshan Sukhani of Technical Trends.com has called off his long positions.