Yesterday Nifty traded well and managed to respect the level of 5,220 and showed an impressive recovery, but today it reversed to close in deep red with 136.50 pts loss. In the immediate term Nifty now has a minor support placed at 5,220, the reversal of today increases the likely hood that the support level will be breached. Nifty may now correct further till 5,050 which is an important support offered by the Fibonacci retracement of the entire advance that we witnessed in the beginning of the year.
We recommend exit from long positions and initiate fresh short on any bounce back till 5,280 - 5,300 levels with a stop loss of 5,385 for a downside target of 5,050 over the course of next three to five sessions.
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