After a while of consolidation the Nifty yesterday had signalled its willingness to test the lower levels. Analysing the weekly charts gives us the understanding that we are looking at much lower levels in the days to come in the headline Index
On the Weekly chart the next meaningful pivot lies at the 10,150 levels as represented by the red horizontal line on the chart. We are looking at a 600 points cut in the Nifty from the current level. There are some minor levels along the way where we could get some bounce intraday or maybe a day, but broadly speaking the index is firmly in the downtrend and we could see a broad based weakness in the coming week or two.