Update 2: Nifty give back gains and went in to negative territory, book 50 % profit and continue holding, Nifty at 4970.


Update 1: Nifty rallied close to 5040, it can be shorted at current levels by aggressive traders only.


US markets are still buy on dips as we have seen yesterday's market action. Dow Jones was down more than 180 points in an opening bell and recovered sharply intraday and closed lower to around 100 points. We are seeing that US markets are not selling off in a mess of European union. All other markets except china get a decent correction due to european woes. No sign of intraday recovery has been found. We have advised to go short on Nifty since 2 days and booked 75% or full profit yesterday See here