Markets traded choppy with high volatility today and lost all the morning gains to close in moderate loss. Nifty today closed slightly lower on minor profit taking ahead of the monthly inflation data which is expected to move up further.
Heavyweight Reliance Industries will be announcing the Q2FY12 results on 15 October; this along with global news flows will have a significant impact on market trend. Good support exists at 4,900 level, on upside level of 5,200 is acting as a strong resistance.
Nifty Trading Strategy For Tomorrow
Trade long from 5,070-5,080 for targets of 5,120-5,150 with a stop loss below 5,050. Alternatively trade short below 5,050 for targets of 5,000.
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