Nifty for the day made a high of 5045 low of 4964 and closed at 4974 which is 5 points down from previous close.
After the two days big move Nifty gave up today's gain and closed nominally.
As the 50 DMA(5050) will act as a good resistance for the Nifty it will be difficult for it to cross.
Today two important things to be watched INFY's quarterly result and IIP data.
If any positive from any of this can take Nifty above 5050 but the probability is less.
So one can short Nifty between 5000-5030 with stop loss of 5050 for the target of 4922,4870 and 4830 .
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