Mkt View

Nifty supports 5285-5300 Nifty resistance 5385-5430
Hi Friends,
Markets are all set to open higher thanks to the recovery seen in Dow jones after initial blip.We are set to follow the Asian trend and open higher.The million dollar question is that will the recover sustain and lead to a rally.Technically above 5375 there will be short covering till 5485 levels.If we manage to make a Higher top chances are bright that we might see 5763 levels in march.Nifty might see a rally in Indian markets due to a short squeeze.All said and done the Indian markets off late have developed a habit of under performing when there is a global recovery.There might be blips in intra day but those blips are necessary to lead to an intra day short squeeze of bears.Best way to trade todays market is to Buy the blip and sell the rally.One should only short if the market remains near Intra day lows for more than 15 minutes.Technically some of the cement stocks are showing signs of a breakout.There is a high probability that we might see the Nifty rallying from here But do remember that it wont be a one sided move.Yesterday the index opened gap up but was range bound for the entire day except a blip before the rail budget and a spike after the budget.Although the nifty futs gained at the end of the Day.There were shorts seen just before closing yesterday.We will see some of those shorts getting covered in morning trades.