We are seeing a down trend on majority of charts. Markets are expected to remain weak during the coming week.

17/18 May are important dates to watch as these are around anniversary date. Last year, Indian markets opened on 18 May with huge gap up due to election results. 5 years prior to that on 17 May 2004, the Indian markets witnessed a LOW.

I recommend not to BUY any stocks as of now and just wait for the trend to change. Those who trade futures / options, can take short trades.

I won’t be surprised if we see NIFTY trading around 4550 level on 17 / 18 May 2010.