Nifty continued its weak trend ...traders used the gap up opening to initiate short positions...our next level in the down ward channel is 5360 levels. At 5360 levels nifty would complete a retracement of 23.6%...on the upside it finds strong resistance at 5450 levels....watch out for intra day support for Dow at 9925 levels...if it breaks that level we will soon see 9800 levels where it can act as a good support...
In NIFTY lot of selling is yet to happen in banking stocks and metals....book your put profits at lower levels like 5350....
initiate put positions at any good pull back to 5450 levels ....and try to book profits in your call positions as soon as possible
