On Friday RBI made a unexpected move by hiking the repo and reverse repo by 25 bps.The markets took it on a negative note and nifty opened gap down below 5200.Later it recovered and presently is trading at 5230.US markets closed moderately lower on friday on credit concerns in European nations.Most markets in asia are trading negatively.Nifty spot presently is in a crucial juncture.It looks like a top is either formed or going to form in the coming days.For today a close below 5214 is a first indication for longs to be carefull.For bulls they need a close above 5270 for momentum to continue.Intraday nifty spot has to trade above 5233 then the negative impact will be reduced for the day.Todays closing is very crucial for the coming trend.If we close between 5214 and 5270 then the trend is neutral.Either side break out will determine the trend for the coming days.
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