Nifty in the first hour itself broke down below important level of 5235 support (50% retracement of recent swing ) and closes at lows of the March series at 5180. The concerns for market are quite many now and only good corporate results can take this market up if they are good. Market is fairly valued now and stocks should be bought into for long term (2-3 years perspective). Now reversal level for Nifty futures is spot trading above 5210 for targets of 5320. Below 5170, Nifty could easily fall to 5100-5000 levels now.
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