Nifty: Expect a move towards 5300 or lower
The down moved continued today as expected, The Nifty broke the 5370 – 5400 trading range it had created. The Bank Nifty was the big contributor to the down move today closed about 2% lower. The Nifty closed at a crucial support level of 5350, however given the way the market is setup we could very well see a breach of this level and a move towards 5300 and lower. Mohit Gaba has initiated short positions on the Nifty and would not be surprised if Nifty moves even towards 5200, but that would take a few days
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