Nifty opened around 5250 on back of 260 point loss in Dow. Expect Nifty to test 5200 today which is a crucial support. One can buy any dip below 5200 keeping a stop loss of 5180, and if 5180 is broken, expect 5100 by today or tomorrow as inflation data which should be very high on account of 'fuel price hike'.
Expect RBI to raise rates this weekend, so we may see a 'preciptous fall' in next 2-3 sessions this week if global weakness persists. In no case, 'serious buying' should be attempted except for intra-day trading for max 30-40 points while shorting won't be a bad option at all at all higher levels.
I have advised shorting in bank and reality stocks in last few sessions and they have given good gains on those while only pocket of strength has been 'fertilizers' which have been repeatedly recommended by me for both trading and investment.
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