No guys am nt dreaming of Katrina Kaif touching me (as m engaged now :P) but its just that song relates to NIFTY's trading range since last 2 weeks. As you could notice in the chart, closing has been volatile between bulls and bears...Bulls(Blue moving averages) and bears (downside channel support) are playing tug-of-war but NIFTY is nt able to decide is partner and its just "touching" the either range and bouncing back to other partner. You could be more bias towards bears as you can notice that downside channel has been broken almost 4 times which gives a hint. But "Bhav bhagwan che" so nothing is 100% sure. We have got 4 consecutive close below my "TRIMURTI" (50-100-200EMA) which is a sign of more downside. Talked too much about the bear side, for bull side all the indicators are in oversold zone which means chances are that we may see short covering but that may be maximum upto 5125-5200. Taking in consideration Weekly and Monthly timeline we are still negative on indicators. So every opportunity is to go short with stop los 5300. My call to go short is still intact.
Add Shorts below 5070 to call initiate at 5145 or Fresh shorts at 5200 if we see upside with sl of 5260
Book partial profit at 4980 on downside.