Trade Plan - August 16, 2011

Nifty breaks on the down side below 5110 and closes at 5073. VWAP at close is 5104.

1) Gap up opening and Nifty did not manage to stay above that crucial level of 5185 in spite of better than expected IIP numbers. Traders are just not confident of carrying positions over a long weekend. This sentiment highlights the bearish sentiment prevailing in the market.
2) Now with a close well below 5110 at 5073, the next targets on the down side are 4950-4890. Happy weekend! Happy Independence Day and happy trading :)