Despite an initial sharp jerk on the downside in the morning today Nifty took support at lower levels and bounced back equally sharply to erase the initial losses and posted a gain of 50 points at close. It ended at 5907. Going forward the level of 5940 would now serve as a resistance for Nifty. We recommend a strategy of going short on Nifty on any bounce back till 5940 with a stop loss of slightly higher than 6000. Looking at the chart Nifty appears susceptible to further downsides in the coming few sessions. The bounce back of past couple of sessions may be erased very swiftly in the coming few sessions and Nifty may go below 5690.
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