Nifty Update

Volatility continues in the Nifty

We are still around the region of the 200 DMA. Its normal to be volatile around this region for a bit before the bears take charge. There is a huge fight between bulls and bears at this region. Ultimately which camp wins remains to be seen but the bias is downwards.

Globally there is a lot happening:
1. Euro continues to get hammered
2. China remains very bearish
3. Korea uncertainty
4. PIIGS joined by Hungary
5. US - The Dow has broken the psychological barrier of 10000

Market has been in this region of 4900 to 5150 and the next big explosive move is going to happen once we move out of this broad range. As mentioned earlier this morning on NDTV Profit, the bias is on the downside below 5200. Above 5200+ I would look at going long.