Nifty futures failed to sustain above our upper range of 5625 and we saw a day with lot of volatility coming into the system. The Volatility Index saw an unusual increase of 8% with a good open interest and reduction in the premium it is an indication of short positions in the market. As a normal trader there is no need to consider buying put options as our previous swing low of 5560 is not taken out till now. Thus one could trail the stop loss to 5560 levels in nifty futures. The volumes of equity markets were higher revealing a higher participation from the retail front. Reliance has again given a break out above 830 levels but sustainability above these levels is a matter of concern as it is famous for giving break outs at the wrong time. If it could sustain above these levels of 860 could be seen. The upward momentum that is happening in dollar and crude oil should be considered on a serious note as these could affect the current uptrend in a bad way. As of now nifty is still maintaining its momentum and it did not take out any swing lows and we did not even have a small correction and secondary rally. Thus there would still be some time for a major top. From the stocks front A2Z mes is showing a bottoming out pattern and seems to be in a mood for a rally above today’s high of 143-144 levels. I would like to buy in small quantities and 125-140 would be a good price band as a short term investment.Let's keep the Nifty range as 5490-5625
