Though it ended on a flat note and we could see some short covering activity long accumulation is not happening in nifty futures. As of now the immediate short term target remains as 5150 levels on nifty futures but play the short positions with caution. Many short positions have got squared off in today and the breach of yesterdays low should be considered as addition of some fresh short positions. Thus wait for a good accumulation pattern to go long on stocks.As i had indicated in previous day's post copper should stop falling for the metal index to be back in track and till then the equity market looks weak. The turn over data shows some long unwinding happening in major stocks and this could be the starting of sell off by institutions If the situation is like this many stocks would be available at cheaper rates especially banking stocks like ICICI bank and SBI. Lets keep a range of 5190 - 5330 and long accumulation is not advisable at lower levels and investors should wait for a confirmation signal for any up move.
