The slide continues and Nifty slides below 5200 today to test 5195 levels briefly on spot values and makes recovery up to 5265 levels on short covering rally and fails to sustain or close above 5265 levels. VWAP @ close is 5243. Nifty closes at 5226.
1) Trailing stop loss for positional short position for tomorrow is 5285. A reversal above 5285 with close above 5375 would be the first requirement to signal change in bias now over the next two sessions. If tomorrow the weekend closing is above 5375, it would be positive for Monday.
2) Below 5225 levels, Nifty can fall up to 5145 levels intra day tomorrow and then take U turn up to 5240 levels. A closing below 5250 will be bearish for target of 5000 levels next week.
3) The bias continues to remain negative and will change to positive bias only with a close above 5465 levels in the following week. Happy trading!
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