Yesterday Nifty seemed to be finding pretty strong resistance at minor resistance points which can in one way point out to lack of buying strength.But that does not have to mean a bear view since 5215 / 5200 is yet to be broken. Markets generally correct after having a few days of continuous up run and out markets too seem to be heading in that direction.
With expiry coming up next week, unless US markets crash quite a bit, we may not see hugely significant downsides. There are 2 ways in how we can correct in the coming days. One will be a strong dip and another is one wherein we have a time bound correction rather than price correction which will be seen as small moves while market stays around similar levels before it takes off on either side. Longs in Nifty can be held with a stop below 5215. Nifty PCR ratio as of yesterday was 1.56.
Regards
Prashanth
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