Nifty managed to close around 5005 levels on the settlement day yesterday, amidst huge volatility, induced due to heavy outstanding positions to be rolled over to Dec Series. The Asian markets weakness and collapse on an important day worsened the situation, since most of the traders and short term players were expecting that Nifty would close at 5100 + levels and march a head in December posting further highs.
US markets were closed yesterday on account of 'Thanks Giving Day' and futures are indicating huge fall today. European Markets have reacted in tune with Asian markets yesterday, and currently Asian markets are trading in negative territory. SGX Nifty futures are already indicating a discount of 72 ponts at present, which certainly give a gap down opening for Nifty where 4920 levels may be tested. What happens after that shall decide the medium trend since short term trend already is down, as Nifty closing above 5055 today, being the last day of the week, appears to be a herculean task for bulls as global markets are correcting from November peaks.
Short term traders can sell into rallies with a stop loss at 5050 levels for today, for quick returns on Nifty.
Nifty Range for the Day: 4900 - 4950 - 5000 - 5050.
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