Tuesday, May 27...market views...

NIFTY has formed 3 black crows candlestick pattern which is highly bearish. We were bearish from the first candle itself :-). So the downtrend continues and the anticipated bounce did not come yesterday. It may come today. The bounce may not be too high and could end soon after it starts. I've marked the updated NIFTY chart with the current downtrend. We maintain our first target for NIFTY at 4800. Once this comes we will cover all shorts once and wait for further direction...

INTRADAY PICKS
DLF - DLF - CMP-600 SHORT below 600. target 579, 565. SL - 606
SAIL - CMP 166.8 - SHORT below 165. Target 159. SL - 166.5
PNB - CMP 500.9 - SHORT below 498. Target 487. SL - 502
VOLTAS - CMP 150.5 - SHORT below 149. Target 143, 140. SL - 151