MTECHTIPS

MTECHTIPS;-NIFTY
The  Nifty  opened  flat tracking  firm global cues,  and the markets closed the truncated choppy trading session with gains as investors looked to cover short positions.The opening is expected to be flat to positive taking cues from the sideways cues from the Global peers. NIFTY had a decent day in trade during a special trading session  held on Saturday, with marginal gains though the volumes were low. The Nifty has failed to hold the 5220-5230 levels in the last 3-4 trading sessions which is an issue of concern. Nifty today failing to cross and sustain 5220-5230 levels can see some selling pressure coming through and could tumble to lower levels like 5190-5170 as the gap down caused due to the island reversal 17 trading sessions ago is still open and the descending triangle is also intact. However on the flip side if Nifty successfully sustains levels of 5220-5230 then levels of 5250-5270 are very much possible.