Nifty held our range of 5250-5470 ..but it seems to be all set to break 5250 on the lower side ...
Though it came back sharply it is hard to believe that all the short positions got covered.India VIX is on a rise , dollar again climbing 49.5 levels and the volumes in nifty futures were not convincing for a buy.It is obvious that after a good rally people would join as buyers on dip and that happened today too.Positive factors would be turnover data and it shows people are not squaring off their long positions and adding more on dips. Nifty's cost of carry has reached its peak and would be worrisome at least for the shorter term. 5250 levels should be watched carefully and below that nifty can go back to where it started ie; 5200 levels.As long as the range of 5250-5470 holds all is well for Nifty on the long side!!
