Nifty has been oscillating within a range of 200 points and reached the bottom end of the range today near 5450. As mentioned earlier 5400 remains a crucial support for the market and only a sustained closing below the same will alter the bullish set up. Our buy at 5500 stands and we remain positive on the market for the medium term for target of 5900+. The risk to reward here is highly favourable and i would advise one to go long with an appropriate SL.
P.S: - (This however does not transalate into any bullishness for the long term as our extremely pessimistic view and long term target of new lows in the market remain firm. I will be coming up with an interesting article soon on why one should be bearish on equities as a continuation of our BIG BANG post).
Watch this space for more!!!
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