Nifty (5118)

We said "technically now 5260 is a stiff resistance to deal with and 5160 on the downside is a possibility." The market unfolded weak as expected and closed in the red.

Technically still weak except that 5099 could be short covering zone if it has to happen otherwise even a level of 5031 is also not ruled out strong resistance is at 5060

The crucial support for the Nifty is at 5099-5030 and the resistance is at 5260.