rend still intact as long as 5080 doesn't break

Yesterday was a very strange day and an even stranger April series as far as the Nifty is concerned, says Anil Manghnani of Modern Shares & Stock Brokers. The way market chose to close up the April series, the Nifty barely moved 10 points net basis which is kind of strange as you rarely see something like that.

He says volumes in this series were quite low and pathetic. “Even on the last day, the volumes were on the lower side. When was the last time you saw the Nifty so rangebound on the last day without much volatility?”

After the stupendous January-February rally, he doesn’t think most of us would have expected such a dull April month. He guesses the problem still arises as far as stocks are concerned. "It’s the stocks that are grinding lower each time the Nifty tests this 5,200-5,180 range. The damage on the stocks is the main issue," he says.

He finds it a bit disappointing the way the market is grinding down and the way volumes have died and the way stocks are collapsing. “5,135 becomes the first important level that’s the March low and then the 5,080 which is the major support.” The trend is still intact as long as 5,080 doesn’t break, says Manghnani.