Nifty strategy for this week.....

Cheers for 5000 on nifty
Short of trgt by 15pts...

Today market witnessed some profit booking, which was expected also. Today Bears have tasted blood after a long time, they will try to dominate for some sessions.

Supports are at 4924...4800 and 4730 all spot rates. Lets see where is stops. TILL THEN NO FRESH LONGS.

For any long position carried, either Exit with whatever profit or Hold with TSL at cost or 4920 spot. markets can move either side....if it has to go down, it will be fast and furious.

We have closed abv 4860...next level is 5015.

It would have been more comforting if we had tested support of 4730 and then rallied...now every rally will have to be traded with lot of caution.

Nifty HOD 4842.20.....
4850..60 is imp resistance.

Trade long only if nifty sustains above 4860. Other wise wait for 4730.

After Monday rally...trades will look to book quick gains on Tuesday...direction of Nifty after opening will depend on how much bull power is left, or rather how much bears are eager to sell ...

My view is :::

4850...60 is strong resistance level...look to book profits or keep TSL once nifty reaches there. If fails to sustain abv 4850...60 range...re-entry level is 4730.