Nifty has been in the profit booking mode as we expected in our post #172 Update. Our 1st tgt on downside was 5810 and it has been almost achieved with a low of 5811 on Nifty index. Markets had been pretty range bound which has head scratching for traders. Now the tgt is 5677 but looking at the hourly chart we may see some short covering next week and that may be the end of downside correction. We expect a positive close on Monday which is a important close as its Monthly closing on the chart. We recommend to close shorts on Monday and wait for some confirmation to go long.
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