Yesterday, there was some buying emerged at lower levels and Nifty turned into positive territory intraday but it couldn't sustained at those levels and retreated but still off its lows. Markets are struggling to hold the current levels and any positive news might help Nifty to bounce back in near term, but Greece will hold a wild card to the course of market move. Greece has a debt repayment of $436 million due today, but there is no decision taken as of yet and might follow in to default if it fails to pay it within 30 days from now.US markets were loosing grounds and s&p 500 closed below critical 1340 level. Volatility index spiked close to 22 which may feared as panic situation and more sell off looming according to Citigroup analyst.
Nifty Trading Tips & Outlook
Trading in Nifty will be more cautious as US markets were started loosing grounds and Asia is already oversold due to Greek fear. One should short Nifty either at current levels or around 4950 levels. The downside will be limited , so one should be cautious if short Nifty at current levels. Sell on Rise will be better strategy to manage risk reward situation in favor.
Check out previous recommendation here
Check out previous recommendation here
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