In the previous week, the markets continued to remain weak taking cues from the earlier week. The last day of the week saw the markets pull back from the lows. The levels from the where the markets bounced back on Friday will play a crucial role for the coming week. If these levels are broken then expect the indices to fall further down by 3 per cent to 5 per cent. The build-up of positions seems to suggest that the mood for the next few days could be weak to volatile.

Watch levels of 16608 as immediate support for the Sensex and 4954 for the Nifty. On the higher side resistance comes in @ 16978 for the Sensex and 5065 for the Nifty. Most of the stocks seem to be in a consolidation mode and so would be the markets in all. Hold a low profile.