Market tumbled for yet another session and Nifty lost more than 2.17%.
Banknifty fell a little lower in percentage terms and lost 1.83% on closing basis.
All traders who were bullish till the beginning of the last week were seem to dump all their holdings at whatever price available.
Now market is in complete grip of bears and a further window for more fall is opened up.
After the success of India's biggest IPO, Coal India Ltd., FII's and institutions were busy pulling out smart money from market.
Nifty has closed below very important support levels and even breached 50 DMA on closing basis.
Now immediate support exists only at 5909.
If this level is also breached then only God will save the market from further fall.
Nifty Pivot 6029
Support 5953-5909
Resistance 6029-6061
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