Global markets were under pressure due to the Spain debt worries and deadlock between European Union. Greek exit is also a focus for the market traders as next election to be held on june 17. If greece plans to exit euro, it will be catastrophic for markets and market might sell off. Meanwhile US economic indicators are loosing momentum and slipping added to more economic woes. Unemployment data is picking up in US and manufacturing dropped more than expected. Today's job data will clarify the picture, although no one is expecting any surprise on positive side, but if it comes on lower side of estimate, S&P will loose its important 1300 support level and another round of selling will start. S&P 500 is just holding up 1300 levels and bouncing back from the support. Watch out for those levels.

Nifty Trading Tips & Outlook Today

Our last call was buy on dips on Nifty as index has gained a momentum but unfortunately, it couldn't get above 5000 levels and stayed there. Selling pressure due to global uncertainty as well as worst GDP number for the quarter put a pressure on the markets and might see downgrades and revised earning targets for large caps. All these events lined up in next few days and might continue pressuring Nifty. Long positions squared off and one might look to short Nifty around 4980-5000 levels ( Spot ). The range for Nifty will be 4800-5000( Spot ) for next trading strategy. Trade accordingly

Check out our previous recommendation here