Sentiment turned completely depressed due to internal disturbances in Middle-East countries and US attack on Libya. As retailers shorts would have developed at lower levels therefore today rally seen immediately after oprning. As we understood rally possibility therefore we covered our shorting position near today lower levels before the begining of up moves. Resistances above 5500 therefore Nifty will trade between 5400-5500 and next moves will depend on the developments in Middle East countries and Crude price.
