NIFTY breaks range – bearish.

NIFTY broke the nearest support of 5200 & has closed near to next support at 5100. As the Daily chart is in non-trend a decisive break of 5100 with added strength will only turn the direction of NIFTY to bearish. Now that the range has increased, intraday positions get more moving space.

Daily positions on NIFTY needs a wait and watch strategy. Short trades which got entry at 5265 levels are trading above 125 points profit. These positions can be retained till a reversal is signaled.

SECTORS:

BASIC MATERIALS: This sector has leaded the fall with a 3.74% fall in its index value. All the Industry groups belonging to this Sector have closed negative with Aluminum losing more than 5% followed by Steel losing close to 5%. JINDALSTEEL is a short candidate here.

INDUSTRIALS: This sector followed the bearishness with an above 2% loss on its Index value. Cement, Civil Construction, Packaging, Engineering was big losers. There are shorts in play in many stocks here.

HEALTHCARE & ENERGY sectors were not much affected by the negative sentiments prevailing in the market at present. Most of the ENERGY sector stocks have started rising from their present lows. We have long plays in the top stocks in this Industry.

Of our stock positions, SIEMENS got exited with a 30 point loss. NFL, has signaled exit below today's low. IOB got stopped out. PFC, got filled long, HINDPETRO was strong against the weak market. BPCL, though gave back gains, it is holding strength.

ON the short side, RELCAP has gained momentum, hold for targets.

TV-18, ZEEL and RELINFRA are short blow today's low. As the broad market is weak, exit part positions at nearest support and trail for further gains.