18th August Nifty View.

Today was one more day when Nifty Future moved in a narrow range of 34 points - High of 5444 & Low of 5410.Another important point I would like to highlight here is that today Reliance has taken support at its 200 DMA which should be considered as a good level of support, is one stock which has been under performing Nifty and may spring a surprise any time, which could help Nifty Future to move up...??

For tomorrow while I would not advise long positions, considering the Resistance Nifty Future has been facing at higher levels.

Fresh short position may be taken only below 5400 as suggested for today. However, considering the above possibility stop loss for short position should be kept at 5460.On down side, Nifty Future will find support at 5363, and 5315.

All the best .