It was a day to forget for bulls and day to cherish for bears. Markets opened on a slight negative note but it was a painful slide throughout the session. The levels were broken with utmost ease as there was not any attempt whatsoever by the bulls. Nifty lost a whopping 200 points before closing with a loss of around 175 points. It was the biggest single day drop seen in many months. No sector or heavyweight was spared as gainers were difficult to spot. The Feb series ended on an extremely bearish note with no buildup whatsoever ahead of Budget. Nifty has now gone below even 5300 while we expected Nifty to find some support around 5375-5400. Nifty is now precariously placed very near to the previous low of 5177 and the momentum as well as the technical structure of many heavyweights suggests that this level is not safe anymore and we could be headed lower towards 5000. The levels of 5375-5400 that were expected to provide support would now act as strong resistance. Any attempts to any technical rebound would find resistance around 5375-5380 and then around 5440-50.
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