Market outlook

Monday Nifty  opened with gap on downside and was weak through out the day.  Nifty established  5100 as intra day support. Public Sector stocks were weakest for the day. Global market trend was down during  Indian stock market hours.

Observations:

  • Short term trend is down now. Protect Gains.
  • Expecting 2 to 8%  move in coming days.
  • 5200 is important resistance zone for Nifty.
  • 5400 is looking impossible at present , but any upside  is possible in intermediate uptrend , so be ready.

Market Technicals:

Market Breadth : 0.90

Market Trends : Short  term trend of market is down. Intermediate trend is UP.

Intermediate trend of market will turn DOWN if market closes bellow 5092 & 17030 for Nifty & Sensex respectively.

Support levels for Nifty are 5120,5075, 4950 ,  4840 , 4800 ,4690 , 4650 , 4470, 4050 , 3300 .

Resistance levels for Nifty are 5160 , 5195  , 5220 , 5240 , 5330 ,5400,  5570.

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This entry was posted on Monday, March 15th, 2010 at 4:09 pm and is filed under Daily Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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