Nifty(5050.15): Given that Nifty hit resistance of 5065 on Friday and evolving technical structure on the intraday charts, there are odds for this market to turn lower from here.
Also, since January this market has shown tendency to provide reversals around a 6-7 day time period after a rally from a swing low. If this cycle is still in force, this should act as additional impetus for the roll-over to the downside. If you are already short on this market, you might want to use a stop above 5110. This happens to be the 61.8% fibonacci retracement of the entire decline from 5400. The conservative trade is to look for a lower low, lower high pattern on intraday charts before initiating short position. Remember the seasonals for December: Only 3 negative Decembers for Nifty since 1992.
Open Positions: Long OFSS 2037 SL 1953 Tgt 2200-2250
Short Heromotors 2025 SL 2195 Target 1750
Long Apollo Tyres 64 SL 59 tgt 71
Short Silver $34.2 stop $33.5 Tgt 28.8