Nifty & Other

Highlights

Open Interest increased with sharp fall and big negative candle which indicates short positions have been added. Nifty tested the 161.8% projection taken from 5303 to 5176. The candle looks 20% shadow candle, so we can expect a recovery from current level towards 5156.

Trend

Down trend momentum continues with higher volume. Trend followers can hold shorts.

NIFTY JANUARY

As per our earlier indication traders holding short positions (Sell@5175) can book profit at CMP.

Traders can sell on rise to 5121 with the stop loss of 5177 and look for fall towards 5085-5073 to cover short. [Note: If the market opens with gap down and recovers means do not attempt this trade]
If the market opens with gap down means traders can wait and go short only on fall and close below (check at 3.15) 5070.

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