Not expecting the Nifty to violate the 5000 levels today: Vijay Bhambwani, BSPLindia.com

In a chat with ET Now, Vijay Bhambwani, Author, CEO, BSPLindia.com (Technical Check) shares his views on the market outlook.

What is the call on markets right now?

For the day today, the 5025 levels on the Nifty spot, give or take 10-12 points here and there, should be the bottom. A few days ago, I talked about a breakout above the 5025-5030 as a critical event in the market because it was a breakout or an expansion after an inside day formation that was 'longed', the breakout was 'longed' on 15th of September 2011. Now as per technical parlance overcome, resistance then becomes a support on the downside.

I would watch 5020-5025 levels very carefully and for an intraday punter. Buying close to the 5020 levels on the Nifty, the September futures for an intraday bounce of 15-20-25 bucks would be a fair enough bet. I am not really expecting the Nifty to violate the 5000 levels today and buy on dip should be for a day trader today.