Nifty Update

Nifty ended the week down 87pts on the last day of the week back again to near 5450 levels with fears of the 2G probe widening. As mentioned in the previous post these levels can be used for buying into the markets again with an appropriate sl. With the budget and expiry near the corner one can expect some wild and volatile gyrations in the market.
The short term view however remains up with prices in most of the stocks hammered absolutely out of proportion (the way stocks are beaten in a bear market).
Option writing and open interest suggest support at 5400 and resistance at 5600 for this expiry.

Current level 5460
Final Call???
Buy nifty with sl at 5380 for tgt1 of 5740

Risk = 80 points  Reward = 280 points

Nifty Update

Nifty after triggering our previous stop loss at 5400 and breaking below it to make a low near 5200 levels has moved back to 5550 levels. The markets have moved up by around 350 points from its lows and one can look into buying at slightly lower levels near 5460-5480. Our previous target of 5900+ still looks intact and any fall in the nifty may be used for buying. Keep in mind guys this is just for the short term.
our long term short is yet intact.