Earlier it was mentioned to remain short in Nifty with a stop at 5710 and that level was triggered. But, the crucial 5775 in Nifty spot has not exceeded and the short term trend in Nifty still remains bearish. The trend is likely to change only when it crosses 5775. Above 5775, a rally towards 5850-5900 is possible.
But if it fails to move above 5775, as I said earlier, a decline towards 5550 is possible. The level 5550 is likely to act as a crucial support for the medium term. Break of this level, would pretell a decline towards 4700.
In my earlier post I have explained why 5550 would act a crucial support for the coming weeks. This level is likely to see some pullback in Nifty. But if 5550 is broken without a pull back, the fall below 5550 is going to be severe.
Right now positional traders can remain short with a stop at 5775 in Nifty spot.
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