Phew!!, the recent sideays moves in the indices were surely suggesting fatigue. In fact a couple of days back I had indicated that the Nifty is getting a 'historical' resistance at 5300 points. And we are already 200 Nifty points below that resistance.
I expect that the correction should continue further in coming days towards 5000 Nifty where one can expect some temporary support. Short sellers may want to cover their short sells near 4970-5000 levels.
And yes - in upmoves tomorrow, 5140-5160 may be good time to exit long positions if any !
Heavyweights are extremely weak and corrective moves may be used to exit longs.
The F&O settlement next week and World market movement will give the needed input on the further direction, but our bias will be on the sell side!!
Happy profit booking,
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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