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Market failed to cross 5000 levels

As we predicted in our chart analysis, market pulled back from resistance levels of 5000 levels.Sensex closed at 16696, down 153 points and Nifty at 4952, down 51 points from the previous close. CNX Midcap index was down 1.39% and BSE Smallcap index was down 0.27%. There was heavy profit booking in realty, metal and banking stocks while telecom stocks saw a breather thanks to good October subscriber numbers. Top Nifty gainers included HCL Technologies, Idea Cellular and Suzlon while losers were DLF, Unitech and ICICI Bank.

DII was net sellers in this market,they brought stock heavy in 4600 levels last week,but market going to deep correction more lately because Government has to disinvest their companies,so they will play in between to make market stable,yes we can go with global correction