Nifty tried to make a high above 5320 but failed and gave a close at the lower end of the day's range. On the upside till 5330 remains as a hurdle the trend is down and is expected to trade till 5200-5220. Turnover data was poor and the advance/decline ratio was not entirely in favor of selling counters. Thus the trades are showing unwinding of short positions in stocks and profit booking in nifty too. It would be be wise to buy puts only below 5250 levels as we have the previous low placed close to that zone. On the upside above 5330 large cap counters like l&t and SBI could take nifty to 5400 levels once again. It is better to wait for 5330 levels to be taken out to take any call on the long side. Volatility index is showing profit booking in short positions as of now and new shorts can emerge only below 5250 levels and till then nifty is expected to stay in the range.
