Friday. We saw Nifty’s emotional drama by wildly moving  up & down. As written on Thursday Nifty tested 4840 in the morning , it could not hold that level and went to test 4800. Then in the afternoon there was intraday rally up to 4980. Certainly there is change in the sentiment of the short term bulls who enjoied the rally from 4670 to 4930. Nifty established 4800 as intra day support. Metal stocks & Reality stocks were weakest for the day. Global market trend was down during  Indian stock market hours.

Observations:

• On Monday Nifty may test 4800 , 4770 on down side.
• This week Nifty failed to sustain above 4920.
• Important moving average lines are acting as resistance in the zone of 4920 to 4980.
• Moderate chances of Market  testing 4950 on Nifty , the level above which the intermediate trend will turn up.
• 4500 zone on Nifty is an important target for this intermediate downtrend.

Market Technicals:

Market Breadth : 0.30

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

Intermediate trend of market will turn UP if market closes above 4950 & 16553 for Nifty & Sensex respectively.

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

Resistance levels for Nifty are 4950 , 4985 ,5060, 5180 , 5130 ,5240 , 5330 , 5570.

Breakout  Stocks of the day : RCap , HDIL.

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