Finding Way ouT To Answer This Question!!! The nifty last week huge selling was seen and during the deepawali day its gone to new high and sustained in a range. But from last 3 days trading, the nifty much selling pressure was seen .Nifty broken the critical supports-5932 and 5876 and closed weak.
In my view,
Happened due to the 2G-Spectrum Scam and the follow up Political Scene.The media were showing so many angles about the scam and its impact on the coming days.The Oppossition political parties were asking the PM to resign..This made a mess in the traders mind.The traders were not willing to take risk as many rumours about the ongoing strom in our parliment..this made the traders not to risk over carring the week end positions that would have probably added more selling pressure.The coming Thursday the F&O closing that make more swing in market.Now the cross over of 5900-6000 level may act as hurdle for upmove but after F&O closing the market may again move up.The banknifty may take support in 11780 level and bounce up again to 12,000+ levels.I wish avoid fresh shorts till f&o closing.