Nifty snapped four-day old pull-back rally and ended sharply lower Tuesday as fears of European economic concerns spooked sentiments. Nifty opened in the red and remained rangebound with a negative bias below 5060 due to lack to cues. The panic selling set in following a gap-down opening in Europe . A freak trade in Reliance Industries coupled with reports of BP’s failure to stop the oil spill in the US put pressure on indices. Now for tomorrow nifty shall remain week below 5010 levels with the downward targets of 4930 – 4883 – 4805 with the stoploss of 5040 above which nifty shall be strong with upward targets of 5116 – 5165 – 5242 if globle cues are +ve during opening of Indian market nifty can open around 4995 – 5000 levels nifty can correct still to make higher low which would then take it to higher high but this view shall hold only till nifty trades above 4785 levels Today also FII are net seller while DII are net buyers also 5100 CE and 4900 PE were most active. ( I would try to buy with ORB system near the laxman rekha and start averaging daily with stoploss of 4785 for higher target still I donot think that we can breach laxman rekha and close below it still no positional advice till such volatility decreases ) as closing below shall make market very bearish also market have become very volatile and uncertain with gap up or gap down opening which can squeeze either side or try to stay intraday if not clear in trend. Still swing is up with stoploss of 4786 and correction might continue for day or two still.
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