Selling pressure is coming on high level. FIIs are selling index future continuously and Rupees making new high will give pressure in our Market. Midcap and Small cap index closed on negative note for the first time in last five trading sessions. This shows that along with large cap stocks, now mid cap stocks also participated in the fall. Stocks Declining is more than advancing. These all indicate for strong bearish trend is awaiting in our Indian Market. From medium term perspective Elliott wave theory suggested the start of next leg on downside in the broader market. As long as 5990/6000 is intact on upside bears will be upper hand. Any attempt on the upside will provide the bearish opportunity and prices should move lower towards 5850 or even lower. Positional traders may keep sl at 6000 on closing basis for short side.
