On Thursday the market failed to sustain at higher levels but also fell short to complete lower targets. It means the
market is over retraced but not overbought and stocks are correcting on individual basis.
Today, we may see a one more upmove as the global cues are again positive. However, the ongoing rally is reaching
towards major hurdle area between 5140/17170 and 5160/17280 without any major correction that may not allow
bulls to lift further at least in the short term.
The wise strategy is to collect some put options around the higher band of the range (5160) with a short term view.
Till then be a stock specific with a trading view. Supports exist at 5080 and 5065.
Nifty Strategy: Aggressive traders can short Nifty around 5140 with a tight stop loss at 5170. Positional traders can
buy put options or trade short at around 5160 level with a tight stop loss above 5190
