Nifty today came down towards 5,116 and recovered from there and closed above 5,200. We can`t say that it`s time to invest back all our funds. But investors can start buying in small quantities in fundamentally strong companies which are at attractive valuations. Nifty still hasn`t reversed completely and so short term players should have their positions properly hedged. If Nifty moves below 5,116, then further selling can be seen towards 4,800 levels in the near term.``
``In coming days Nifty can bounce back to 5,330 levels and 5,460 act as major resistance in future but the overall trend remains bearish as major supports of 5,180 were broken in Intraday. Any rise can be used to go short in the markets. Immediate supports come around 5,033-4,890.``
``True to the trend, Nifty witnessed selling pressure, slipping below all the intermediate support levels. However the magnitude of the correction and the volumes associated with it took everybody by surprise. U.S market will have important announcement on Friday night pertaining to nonfarm payrolls data and unemployment rate. Any significant development related to above news in the overseas markets is likely to have effect on our market as well. Nifty VIX(Volatility Index) has witnessed a significant increase, hence a cautious stance is advised since the market movements are expected to be volatile.``
``The market will take cues from the global markets and is expected to open on a flat to negative note tomorrow. Trade short in Nifty below 5,230 levels, with stop loss at 5,250, targeting 5,180-5,150 levels.``
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