Nifty for the day made a high of 5163.75 from there the profit booking
started and came down to make a low of 5046 and closed at 5059 which
is 93 points down from previous close.
It formed a bearish engulfying pattern which sets the bearish tone of
the market but its needs a continuation to confirm it 5035 , 5000 and
4950 will be the support. if it breaks the 4950 then we can see 4700
level soon.
5110 will be the resistance.
As this week we are having the monetary poilcy announcement this will
decide the markets tone.
Short ABAN between 400-405 with stop loss of 412 for the target of 380
Short CAIRN 287-290 with stop loss of 295 for the target of 272
Short IDFC at 114-117 with stop loss of 120 for the target of 108
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