The American Markets have closed extremely weak. The Asian Indices are also trading at lower levels. We can expect a gap down opening for our markets in the morning session. The next support on the downside at 5320 will also be under threat today. But, a slight pull back can be expected in the afternoon session ,which might not sustain for a long time. Hence, we expect a weak closing for our markets today. We can see that the markets have closed at 5484 levels yesterday. We can notice on the daily charts that the markets are trading very close to its 50 Day Moving Average at 5505 levels. The markets have now also formed a minor support at 5140 levels, which looks unlikely to be tested in the short term. We can also notice that we have formed a candlestick pattern known as ''Dragonfly Doji'', which signifies that the markets is topping out at current levels and the current up move is not gathering strength. Hence, the markets should consolidate in a sideways direction between 5300 to 5450 levels in the short term.

The BSE Auto Index closed at 5024 levels yesterday, which is (-1.63%), below its previous close. We can also notice that this index has got a minor support on the downside at 4800 levels, which should hold in the short term. Hence, we expect this index to move in a sideways direction between 4800 to 5000 levels in the short term. We recommend a sell in Hero Honda and Balkrishna Ind. in this sector.