Nifty upside 5283 good resistance, down trend to continue.

Sell-off continues Today Nifty witnessed huge selling pressure and closed with a loss of 50 odd points, triggered by sell-off in global markets. The index broke the psychological 5200 mark in early trade on the back of selling across all sectors; however the final closing was marginally above 5200 mark. Since, today Nifty saw some demand inching in near the support of 50-DEMA, it can act as a temporary support in the coming session. However on upside 5283 is again a good resistance which should no get surpassed for the down trend to continue.

Trading Ideas Remain stock specific from current levels. Mid term trading ideas which we like are Sesa Goa (Target Rs518),Fortis (Target Rs182) andHanung (Target Rs268). Traders maintain stop loss accordingly. Investment Ideas Voltas: CMP @ Rs180 (Target Rs234)

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