Even though Nifty opened with an upside gap, it was struggling to move above 3660 levels, and finally closed 1.83% lower on higher level selloff ahead of election results which is scheduled on 16th may. As the major technical indicators are on the sell side, we have to expect more selling in coming days than buying. Investors and fund managers don’t want to take a risk at this time. Nifty has support at 3505. If closed below it may test the 200 DMA of 3366 in coming days. If there is a revival in sentiment, auto sector stocks can be a good bet for.
