Wait and watch for Nifty: Vijay Bhambwani

Vijay Bhambwani, Author, CEO, BSPLindia.com, in a chat with ET Now, gives his views on Nifty


What is the call on Nifty?

What we are seeing is basically a profit taking after the half hearted buying that you saw on Friday and the Nifty is back where it closed on Thursday evening. What we need to see is whether the bulls are able to defend the 5170 levels which was a swing low recently. Should the 5170 level not hold, then probably we are in for some more declines. On the flipside if we are managing to go above the 5300 in the run up to expiry, there might be a short covering based rally from here. Remember I am saying short covering based rally, I am not seeing too much of concerted buying at the current levels. Nifty is likely to see range between 5125 in case 5170 is violated and on the upside there will be resistance at 5300 or maybe 5325.