Weekly Market Outlook
In the previous week Nifty future failed to cross 5170 levels then witnessed sharp sell off towards 4800 levels. Market sentiment is in pressure and any negative cues from Global indices may attract fresh short at these levels, Now if it fails to hold 4900 levels then pullback may end and market may further go down. If Nifty future sustains above 4900 mark then only a pullback rally may be seen towards 5050-5100 levels led by short covering activity, but if it fails to hold 4900 mark then momentum may fizzle out and market may again go down towards 4700 - 4600 levels to retest recent bottom. Those who are holding the long position can go for Bear put spread if Nifty remains below 4900 levels, by buying 4900 strike put and selling 4700 strike put or one can simply go long on 4800 put to hedge the long position or portfolio.
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