NIFTY UPDATE

NIFTY is week there should be no doubts on that. But if your view is for very short term then this is an ideal time to book a portion of your profits. Can again re-enter on higher levels. We are watching the DECEMBER low of 17,774 very closely.
We don’t want to assume anything, on S&P cash we still require a break of 3,751 to get totally convinced that next leg lower have begined! Until we get that, we cannot have collateral decline in global markets.
So until we are very clear on global setup we don’t want to get super aggressive at current levels. Let’s see if we get more clarity during the evening. Be watchful in short term. Rest structure is well defined.