|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 session
Nifty may remain under selling pressure till 5280 is not conquered
Nifty opened weak and remained under selling pressure for the entire session to conclude the day with a loss of 48 points at 5194. Amongst the sectoral indices the BSE FMCG and HC indices were the outperformers whereas BSE CD index lost the most.
We had a bearish view on Nifty as long as it traded below the level of 5325. It corrected in intraday and concluded with a loss of 48 points at 5194 after making a low of 5169.
We continue to maintain a bearish view for Nifty and now trail our stop loss for short positions to 5275. On the down side the level of 5150 followed by 5050 is still a valid possibility. In an alternate case we would await a confirmation of a break out above 5280 to explore further bullish options.