Nifty held 5700 once again and it is expected to trade till 5840-50 in the short term. It was good that nifty got some buying interest at 5700+ levels and the volatility index took its own time to adjust to the upmove. If we see the uptick in volatility index and currency market it is evident that the moves were overdone and dollar/inr is moving towards the 61.8% retracement zone close to 55.Thus that could be a positive factor for nifty on the way ahead. Apart from PSU banking space and some real estate stocks all other sectors are looking for an accumulation pattern. Turnover data is very low and if the volume is less it could arrest the downside pressure too and it is clearly telling that nifty would take some time to reach the upside levels but one has to be stock specific moving ahead.In the commodities market base metals are showing good positive momentum and that would be encouraging for the metal stocks especially the dead ones like Jindal steel and Tata steel.The current market structure looks like a buy on dips market or buy near out of the money calls above 5750 mark. The U S market is waiting for a bounce back from the support zone and selling could get arrested in close to 1395-1400 levels.
