Nifty views for 30 January, 2009

Nifty faced a major hurdle at 2875 and returned from those levels even going below 2800 intraday on 29 Jan, 2009. Now it is not advisable to go long until we close above 2875. Nifty will encounter short build ups at higher levels. Being on the short side will be a safer option on 30 Jan, 2009.

On 30 Jan, 2009, Nifty is expected to open negative. Intraday players should try to short around 2820 levels with stops near 2855, or short below 2780 with stop loss above 2805. Expect heavy shorting if 2740 is breached.