Nifty View for the Short Term

Nifty had on Friday bounced back from the long-term trend-line support region of 4950-70 region and managed to close above 5000, but it remains to be seen whether it can hold above it on Monday or the coming week. With weak global cues and also the approaching RBI Monetary policy, it remains to be seen if Nifty can sustain above this level on a closing basis. Failure of which will indicate a reversal in the trend. The trend which took everyone by surprise last budget by giving a huge circuit, can disappoint many on the way down. It is therefore prudent to have this in mind and also try to prune high beta stocks and index heavyweights in the portfolio to avoid losses.