It was choppy starting for Indian Equity Markets. Nifty lost 94 pts (-1.78%) and closed in deep red below 5,200 levels. It has given a break down of the support level of 5,205 and appears weak on the chart. Bears are having control at the moment. Bulls have support at 5,150 levels; if they manage to hold 5,150 levels then recovery may be seen else selling pressure may be seen ahead.
For intraday trading tomorrow, trend deciding level is 5,200. If Nifty shows strength above 5,200 levels, then rally to 5,240-5,275-5,300 may be seen. On the downside if Nifty does not show strength above 5,200 levels then selling pressure till 5,150-5,120-5,075 may also be seen.
Trading Strategy :
We recommend holding on to short positions that we had recommended with a stop loss of 5,385 for the target of 5150-5120-5075 where profit may be booked.
We recommend holding on to short positions that we had recommended with a stop loss of 5,385 for the target of 5150-5120-5075 where profit may be booked.