Bears have got a confirmed ticket to 5700-5900 which they booked last week wtih “Bearish Engulfing” travellers co. As you all could see “Rectangle” marked on top which suggest a perfect Bearish engulfing which is even confirmed with a lower low candle last week. As i said now bears have confirmed ticket but there is always 1% chance that bears wont travel i.e., there is always a chance of other side on markets. Infosys came up with better than estimate results and also a good guidance but it couldnt hold Nifty on higher levels. IIP shrank to 2.1% in November with 6th consecutive fall. So one thing is clear that our industrial economy hasnt picked up as markets expected and we may see some disappointing results this season. Technically, indiactors have turned weak on weekly chart joining bears to downfall. Since last 4 trading session nifty has been trading below 50 SMA which is at 6193. It has been acting as strong closing resistance level for the index. Long term investors start arranging cash to buy equity soon in coming months
Our Strategy: We are intact with our tgts and Short call as per our last NIFTY update.