The week past and expected
As we mentioned on Friday that the current rally is reaching towards major hurdle area between 5140/17170 and 5160/
17280 without any major correction and we still feel that bears may not allow bulls to lift the market further above 5160
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 stock-specific with trading view. Supports exist at 5065/16930 and 5030/16825.
For the week 5200/17300 and 4975/16600 may act as a major resistance and support for the market.
Nifty Strategy: Aggressive traders can short Nifty around 5140/5150 with a tight-stop-loss at 5190. Positional traders can
buy put options or trade short around 5160 level with a tight-stop-loss above 5190
