Nifty break below crucial level of 5160, made a low of 4954 & closed at 5036. The low made on Friday of 4954 will now act as a good support area for the markets & in recent past Nifty has shown a good support area around 4940-4950 levels & any closing below this level would trigger fresh selling in the market & we can test 4750 at lower levels where market may have a meeting with its
200 DMA which is adding 12-15 points on daily basis. Nifty is now likely to trade in a range of 4950-5200 & any close above 5165 will regain confidence of the bulls.

Resistance for the Nifty is at 5123-5163-5200.

IDEA has formed a long bullish candlestick on daily charts. So we recommend to buy the stock on dips for around 60-61 for a Target of 67-70 with stop loss placed below 56.90.