The expected slide continues for Nifty and now below all support levels decisively with increased volumes. Clearly fresh short positions have been built today in the market right from the opening bell. VWAP @ close is 5355. Nifty closes at 5312.
1) Not much to write about and Nifty expectedly tanking and closing below 5400 level for the third consecutive session and clearly staring down the barrel.
2) Below 5310, next levels of support will be 5210 and 5240 levels.
3) It will take a while before some confidence is restored and market participants come with positive bent of mind to trade. Reversal levels for intra day tomorrow will be 5240 where a short covering rally can be expected. Trailing stop loss for positional shorts for tomorrow is 5440. It is also time to take a break from the market now and wait for some stabilization. Happy trading!
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