Thursday, November 17, 2011


Nifty has done a gap down opening on Wednesday morning following the international clues. An intraday low of 4990 occurred around 3:00 pm and Nifty returned to its higher note of 5062 level after that. Realty stocks suffered in this dip, LT ,  Sintex ,Suzlon  have made fresh 52 week’s low yesterday. Nifty has taken support from 5000 level, it is a crucial support for Nifty, closing below 5000 level may cause of more weakness, and Nifty may taste 4700 level again. Nifty 5000 strike rate put has huge short positions so far. Traders are seen to cover their shorts at this level. U.S market closed with further weakness on Wednesday night. Asian markets are trading with lower note. SGX Nifty is on 5015 level. Avoid opening new short positions on this level. Only trading in stocks is advised.