Market direction

Now, on the first day in the May settlement markets traded up and nifty closed at 5278. But nifty future was in discount means weakness is building in the market.

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   Global cues are negative.
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   FII data is not negative.
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  Nifty futures added with discount means weakness (initially up to testing of 5166 level in first week?)
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   Heavy writing at 5200 put shows that markets have to take support at this level. If this is so with in one week we may see markets to touch 5500 this month.

Opinion: Short nifty below 5160 target 4980 and wait for the markets to test support at this level. Then go long target 5500. Stop loss for shorts will be 5280 it self.