Nifty Daily View:
Nifty has respected to the trading range of 9250 and 9150. Nifty closed at the lower boundary of the trading range. Very short term outlook is oversold markets. Till the market is not breaking the lowest level of 9040, we should avoid taking any short sell view during the day between the levels of 9100 and 9040. Resistance for the Nifty exists at 9230 and at 9280. On a daily and weekly basis, markets are failing to hold at higher levels, which is negative and as we mentioned traders need to be cautious while adding long positions or trade long with strict stop losses.
The strategy should be to trade short between 9200-9250. Keep final stop loss at 9350 for the same. Or buy out of money put options for the month if Nifty breaks the levels of 9040. Break of 9040 would be negative for the market.