NIFTY OUTLOOK

US markets have closed very weak

and

our markets to open gap down

However

we would like to advise not to panic even if 5365 is broken,

as we have support around 5320 - 5340,

In case this is breached,

5303 will act as a huge buying support

In view of these multiple supports, we can expect a sharp bounce

since it is back which could act as a pleasant surprise.

Please do not go short in case Nifty Future opens with a down side gap.

On monday in case of a gap down open

one can consider going long near all supports or @ 5313 levels with stop loss of 5290.

On the way up 5365 and 5405 will act as resistance levels.