Nifty

Highlights

Open Interest decreased with fall and negative candle which indicates unwinding of long positions on net basis. Spinning top has been witnessed which points out tug of war between bulls and bear.

Trend

Down trend momentum continues with good volume. If price closes above 5241 then the trend will reverse.

NIFTY JANUARY

Traders holding short positions (Sell@5236-5259) can hold with the stop loss of 5248 and look for corrective dip to 5190-5176 range as the opportunity arise and Re-enter on fall and close below 5175 with high of the day stop loss.

Intra day traders can sell on rise to 5219-5243 range with the stop loss of 5248 and cover short at 5190 – 5175 as the opportunity arises.