Nifty gave a sharp reversal after making a new 52 week low with heavy volume and it indicates that it can move upto 5650+ levels with a decent support close to 5320-5300 zone. Bank nifty is a better candidate from the trading perspective as it is a fresh bullish flag break out above 9200 zone. Thus wait for bank nifty to break above 9200 zone for an immediate of 10000. Expert options traders can sell puts as the market volatility is still at a peak. As it can be a bigger move buying out of the money options too would be a good strategy and better not play with futures. If nifty is not giving a decent consolidation or dip it is not worth buying for 5650 as it can only be treated as a counter trend move. One should be careful about U S market too as S&P can initiate fresh sell below 1625 zone. Thus on the buy side the volumes should be light and as of now bank nifty is the only one giving fresh buying signal above the mentioned zone.
(Though calls would be less here the face book page is active and readers can visit my face book page for more updates https://www.facebook.com/Vinuniftytrends)
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