5300-5290 is a good rate to initiate short position: Devang Visaria

Devang Visaria, Chief Strategist, Devangvisaria.com in a chat with ET Now gives his take on the market startegy for the day.

17515 on the Sensex; the market breath may be terrible but the Nifty 5253 if you have to initiate a trade would you initiate or short at current levels?

On Nifty I would like to wait and watch and think if you get a pullback back to 5300-5290 that should be a good rate to initiate a short position. I would like to wait for a break below 5200 to confirm this weakness because if it doesn’t break 5200 then you could just have a sideways kind of correction for next 2-3 sessions but I think on break below 5200 with a stop of just 2 odd per cent you could have a good short position on the Nifty.