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NIFTY SHOW-GENTLE BOUNCE

Nifty closed in green scoring 59 points ,after bouncing from the 200 DMA levels, inspite this the overall market breadth was negative with 630 advance and 860 declines.Todays nifty has managed to sustain above the key support levels,it has formed a doji on the daily charts resembling dire indecisiveness.Nifty seems to be entangled in the tug-of-war tussle between bulls and bear, the winner of which will tread the further path.
                                                                           Keeping in mind the expiry ahead it would rather be safe to take intraday position than being biased on any one side on positional basis.Trading the intraday volatility can be cashed in if done proficiently.As presently the futher road seems nowhere, it would be wise to wait and watch till the road ahead gets clear enough.
                                                                                         For downside the 5080 and 4870 seems crucial,whereas on the upside 5370 and 5500 seems significant.If nifty holds the support then the expiry can be expected above 5300.

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