FINALLY NIFTY MELTDOWN BELOW 5050.
Nifty opened flat in line with asain markets at 5112. It tried to break past 5125 in the early session but slowly and steadily melted the whole day closing at almost the low point of the day at 5019.
Nifty has manged to breakdown frm its 10 day trading range of 130 points ie between 5180 - 5050.
Todays closing below this range of 5050 open the door for more weakness towards 4800 level. On the upside only a close above 5180 will change the momentum to positive.
Our view on Nifty futures is bearish. On the downside nifty is poised to move swiftly towards the 4850 - 4800 zone. Any rally should be used to short the market with a stoploss above 5180. Only a move above 5180 on the closing basis with equally heavy volumes will change the sentiment.
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