|A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading sessionNifty may remain under selling pressure till 5325 is not conquered
Nifty remained highly volatile for the entire session and concluded the day with a gain of points at 5253. All the sectoral indices gave a positive close.. However the BSE CD and FMCG indices were up the most.
Nifty managed to rebound in today’s session and ended at 5253. We maintain a bearish view for Nifty till the time the level of 5325 is not decisively conquered. On the downside it may come down to 5135 and below that 5050 is a possibility in next few sessions.
We recommend holding on to short positions that we had recommended with a revised stop loss of 5325 for the above mentioned downsides where profit may be booked. In an alternate scenario if Nifty manages to sustain above 5325 then the downside would not materialize and we may then be able to look out for bullish options.