Gautam Shah, JM Financial sees markets trading in classical downtrend. According to Shah 5,000-5,050 are important resistance levels for Nifty for the next two-four weeks.
On the back of global event, there is a possibility of Nifty falling below 4,600-4,650 levels. But this fall is expected to be gradual in nature. Thus he sees huge downside potential of 15% from the current levels.
However, if Nifty slides below 4,600 levels, then it could find long-term support at around 4,000 levels.