Market may break the tight range next week so watch from Friday. Last time i wrote any upmove face with selling above 5280 or near its short term top at 5250. market may start a one way move soon and technically it can be downwards.
A positive trigger can take nifty close above 5300 and a second close similar with an advancement can change technical trend please remember. But stay with technical possibility and hedge your positions to face the unexpected.
Technically the last leg of correction was triggered when nifty slipped below 4750. and now possibilities are to go below recent rock bottom of 4750 level is less. Market can get strength and hope only if it manage climb up above 5300 and sustain a few weeks, for which now chances are very less as markets made sell off to the danger territory today.
Only some great news only can save market or postpone the crash. Coming 2, 3 sessions are very important for world markets and for nifty it has already shaken so any relief rally (technically a hope at 5300) will be short lived if the news is not any good. For a few days Investors, you may sit on cash and watch what is going on and traders you know trade with trend is the strategy. Sell on rise and stay with strict stop loss, carry forward positions with proper straddle equation or hedging. Weekly chart has more downside technically. Take care.
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