At 11.36. the markets are at 5950 in the Nifty and 12127 in the bank Nifty.
The momentum from 5485 levels is still driving the indices higher.
At this stage, we are expecting a pause, but it remains to be seen what the market gives.
5905-5914 are intra levels for weakness. Further down would be 5875 and the big one at 5803 would signal a trend change.
It’s a treacherous market to trade…You cannot add fresh longs at these levels for the short term and there is no perceptible weakness shown by the market to short.
If you are short in these markets at these levels, you are short only on your view of the market.
That having been said, the longs from lower levels need to be carried forward with insurance.