On the last day of the week the sell off across the market made the Nifty decline by 92 points to close at 5,512. During the intra-day session the Nifty did slipped below the September 2010 breakout, but managed to close above that level (5,500). On the technical charts we could see now first instance of lower low and a lower high in Nifty, which is a sign of worry. We could see further downside of may be 6-8% from current levels. The next level to watch out are 5,500 and 5,400. I recommend the traders to adopt a cautions approach, but these dips can definitely be used for fresh entries in blue chips for long term.
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