Nifty update for 15th November 2011

It closed at the lower part of the range ie; at 5150. Banking did the damage today too and lets wait and watch whether banking stocks would hold their 52 week lows especially ICICI bank and SBI.Below 5150-5140 a 100 points cut could be seen with some bounce backs.The bullish set up for investors are still on but for trading purpose Nifty is not suitable for a long.The turnover data shows that we are due for a bounce so play carefully on short positions. As i said in my earlier posts a valid pull back can be expected only from Nov 21-26 but don't get stuck in the small bounce backs.Volumes were low compared to other trading days and dollar is still a worry for bulls.As a reasonable target though 5030-40 would be the levels, it is advisable to square off the shorts close to 5100 levels. On the upside 5220-5230 would remain as a major hurdle.