Exit longs in Nifty around 4365-4400: Finquest

MUMBAI: According to Finquest Securities market may witness minor relief rally and has advised traders to exit from longs and create short positions 4365-4400.

���A Perfect Doji formed in Nifty two weeks before followed by a confirmation of Bearish Dark Cloud Cover last week indicates that Nifty has hit major resistance and bears are now in control. On weekly chart, Nifty is trading above critical rising trend line support at 4150.

The price structure in Nifty thus appears to be bearish indicating likely correction towards 4100-4000 levels. For the day however, since the intraday momentum indicators are oversold, we expect a minor relief rally which is likely to end any where between 4365��� 4400. It is advisable to exit from longs and create short positions at those levels,��� said Finquest Securities report.