SUPPORT AT 5200

Nifty closed in red at 5225 shedding 48 odd points on the cards.The markets were expected to open negative amid negative global and domestic macros.The broader markets were biased to the bears with 672 advances to 873 declines.The weakness still continues among the participants and markets approaching 5200..
          Markets are resting taking support of an uptrend-line,if we hold on to this level then we might start an up-move again.Now here major concern remains the weak macros which are unable to fuel the markets result of which we are stuck in a range.While technically markets are looking stable at least the large downside for the markets is capped.
                                                      The 5200 levels is very critical going forward since it will decide the further trend direction.On upside markets are moving in 2 slots from 5200-5400,and from5400-5600.On the downside after 5200, 5050 act as  crucial support levels.It would really be futile to bet on the direction ,rather than wait for the confirmation,which would  help us to take an apt position.
                                                                                                                          Hence i go with the call to wait until the smoke subsides and further road gets clear.


POSITIONAL CALL:- SHORT RANBAXY AT CMP WITH THE TARGET OF 535 AND STOP LOSS 570  OR BUY SEPT PE 560 AT CMP TGT  30-35, SL-12