As said yesterday that nifty shall remain weak below 5053 so one can short with stoploss of 5083 as nifty was not able to breached either of the level till the Europe markets opened and latter went below 5053 our stoploss of 5083 was not breached through out the day.Nifty is facing resistance above 50 Ema which is at 5106 and not able to sustain above it now the channel support as said is at 4960 and holding it till date and just made the low of 4967.30 and closed above our pink line now if the globle cues are weak tomorrow nifty might remain weak below 5007 with downward targets of 4942 – 4903 – 4838 with the stoploss of 5032 above which nifty can rally to 5095 – 5135 – 5199 also hourly charts shall become over sold below 4960 levels and a close below shall give bearish views as nifty is still in upward channel above 4960 as in charts now most active PE is 5100 – 4900 which CE is 5100 – 5000 still FII are sellers while DII are buyers with low volumes in cash segment.
Positional shorts below 4925 only until then try to buy near stop loss or play intraday levels. Nifty swing shall change if close below 4960 WHICH IS MARKED BY PINK LINE for two days till then swing is Up.
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