short nifty @ 5068/- sl 5110/- tgt 5000/- & h
old our positional calllt short with 1645 sl
from dt -
The market opened higher on the back of positive global cues and remained strong on the announcement of GDP
numbers. The run up that we come across since Friday has been exciting in terms of nifty gains. However, stock
specific it was not at all exciting and that may be the worrying factor till the market remains below the level of 5140/
17290.
If we go through the chart of Nifty futures then one can clearly observe, that the gap down opening on Friday and
the gap up opening on Monday has formed "island reversal formation". Today may be the "testing day" for the
market as whether it holds the current gap up opening or not? If it holds the gap up opening level (4990) of the
Monday and closes above the level 5035/16930 then it will lift the market sentiment heavily that may lift the index
minimum up to 5225/15570 level. However, any gap down opening below the level 4985/16800 and sustenance below
the level 4965/16700 in the second half of the trading session will lead to sharp weakness for next few days.
For the day the level 4965/16700 and 5060/17025 may act as a major support and resistance for the market.
Sustenance of the market above the level 5060/17025 in the second half will lift the market to 5110/17170 by the end
of the day. Failure to hold above the level 4965/16700 may invite steep weakness in the near term. Our advice is,
"design trading strategy as per given levels for the day".
