Since how many days We are telling you to be cautious and go short in zone of 5470-5530 ??

Nifty View:

As you see in the chart, there is a rising wedge pattern formed which is likely to be broken today by a gap down opening. The first floor/minor support for this fall comes around  5320-5350 zone ( see shaded portion ) and the ground floor/major support ( 61.8 % retracement ) comes around 5200-5240. Those who are short can cover 50 % of their position at first floor and next 50 % at ground floor. Investors waiting on sidelines can deploy some of their cash at ground floor ( 5200-5240 ).

Have a nice trading day

Regards

Ankit