Nifty held the resistance zone of 5350 and traded lower till 5260 -5270 zone where lot of buying has happened in the previous week. In the coming days this zone would act as the first support zone for short term traders. These moves could be seen as a consolidation process after a rally and it needs to give a secondary rally to form a top and the targets are still upto 5400+ levels till it gives a good reversal pattern. The profit booking sessions could extend to 5200 levels too and start of the result season could have a major impact on the short term moves in nifty. Volatility index is giving a positive close and the market breadth was also in the favor of declining counters. Thus it is showing a clear consolidation pattern and if nifty starts slipping below 5260-70 zone wait for a dip close to 5200 levels to be a buyer and as a positional player the downside reversal would happen only below 5090 levels.
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