NIFTY UPDATE

After Yesterdays fall NIFTY needs time to stabilise. With Yesterdays downmove primary Targets were achieved. The Long term structure have deteriorated further. But nothing moves on straight line. So there would be counter rallies; but would rallies sustain that’s a critical aspect to watch! Earlier we gave Target of 13,750 on NIFTY in medium term. We still maintain that but not expecting it to come in short-term. For short-term zone of 15,900 to 16,150 could act as a near-term support. As long as this zone is protected not expecting another round of Penic selling. For now we do not want to chase upmoves. We have reduced our positions significantly and would prefer to avoid unnecessary risk on short trades as well. Yesterdays low is not that important the zone which I mentioned is critical on price front. So dont be in a hurry to call it as a bottom.