Recovery or Trap?

Today markets opened in a soft note and the levels of 5000 is held all through the day. Some wild swings later in the day made almost a trader friendly day after long time. Will this can be taken as an entry point for long's or still bears are waiting for their chance?.. This doubt will get clear after today's FED announcement.

Bank Nifty is bottoming out. SBI almost touched lowest RSI of resent times and today's low made a double bottom formation. So the script to watch for the day is SBI , ICICI and RIL. I hope all these 3 stocks has something left out to show the bears.

Cairn looking good to go long on short term view. Target 290+. Same way SAIL getting good support at 207, so in the medium term it can target 221 to 236.


Nifty spot levels for the day:

5010 - 5033 - 5041 - 5070 - 5089 - 5114

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