Street signs: Market weakness might continue; BF Utilities gains, and more

Market weakness might continue

Traders are building up short positions on the markets as they expect the correction to continue in the coming sessions. Traders see the Nifty slipping another 100-150 points from the current levels. "We can see dips towards 11,450-11,400 levels. The major resistance levels for the Nifty are at 11,620-11,700," said a technical analyst. If the Nifty slips to the levels that traders expect, this would translate into a further correction of 0.8-1.3 per cent. On Friday, the Nifty ended 0.2 per cent lower at 11,552 points, which traders saw as a strong indicator of a bearish trend.